Nucor Corp. Acquired Steel Racking Manufacturer Elite Storage Solutions

SEATTLE (Scrap Monster): Charlotte, N.C.-based Nucor Corporation announced that it has acquired leading steel racking manufacturer Elite Storage Solutions in a deal worth $75 million. The acquired company employs nearly 180 people and has manufacturing locations at Monroe, Georgia and Chandler, Arizona.

The acquisition builds on Nucor’s takeover of Hannibal Industries last year, which has facilities in southern California and Texas. The acquisition will provide Nucor with access to new customers, apart from offering logistics advantages in serving existing customers.

Elite Storage Solutions was founded and operated by the South family since the early 1980’s and in partnership with the Stein family since 2017.

Commenting on the acquisition, Giff Daughtridge, President of Sheet and Tubular Products, Nucor Corporation noted that it is excited to grow its steel racking capabilities with the acquisition. This will help Nucor to establish a manufacturing presence in the southeast, thus complementing its existing steel racking business. Furthermore, it will help the company to serve its nationwide racking customers more efficiently. The acquisition provides a growth platform for the Elite team as well as for Nucor, Daughtridge added.

The end-use markets for steel racking have been experiencing strong growth during recent times, which is expected to continue in the near future as well.

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