Nucor Announced Fresh Acquisition for $1 Billion

SEATTLE (Scrap Monster): Charlotte, N.C.-headquartered Nucor Corporation signed a definitive purchase agreement to acquire the insulated metal panels (IMP) business of Cornerstone Building Brands for a purchase price of $1 billion. The transaction is expected to close later this year, subject to regulatory approvals.

As part of the deal, the seven manufacturing facilities of Cornerstone Building Brands spread across North America will become part of Nucor. These facilities are expected to complement the footprint of Nucor Buildings Group and TrueCore. The deal will also result in purchase of two valued legacy brands, CENTRIA and Metl-Span.

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The IMP division primarily offers wall and roof panel solutions, made up of foam core sandwiched between two layers of steel or aluminum, available in various varieties. The superior insulation performance of IMP products reduces consumption of energy and GHG emissions. Ease of installation and lower maintenance costs makes IMP products a preferred choice when compared with other insulation solutions. As per studies, the demand for IMP products is expected to witness double-digit annual growth over the next decade.

Leon Topalian, President and Chief Executive Officer of Nucor said that the company is excited to acquire a historical leader and innovator in the quickly growing IMP product category. The acquisition is an excellent fit with Nucor’s long term growth strategy, he added.