Loading price data
Scrap Monster
Access the
Platform
ScrapMonster has become North America's largest scrap trading platform with 93,218 members and the trusted source for scrap prices, news, and information. Join Today!
Steel News July 21, 2021 03:35:34 PM

Nucor Corp. Announced Acquisition of Leading Steel Racking Manufacturer

Paul Ploumis
ScrapMonster Author
Nucor plans to purchase 100% of the company’s outstanding shares from its Employee Stock Ownership Plan (ESOP).

Nucor Corp. Announced Acquisition of Leading Steel Racking Manufacturer

SEATTLE (Scrap Monster): Nucor Corporation announced that it has entered into an agreement to acquire the assets of Los Angeles, California-headquartered steel racking manufacturer, Hannibal Industries, Inc. The deal, worth $370 million, is subject to pending approvals. Nucor plans to purchase 100% of the company’s outstanding shares from its Employee Stock Ownership Plan (ESOP).

Hannibal is the country’s leading provider of racking solutions to warehouses. It serves several segments including e-commerce, industrial, food storage and retail with racking solutions that make use of sheet and bar steel, as well as steel decking, wire deck and fasteners. The company also offers turn-key services such as installation, procurement and facility integration during the design and construction phase of warehouses.

ALSO READ:

Nucor Announced Plans to Cut Carbon Footprint at its Steel Mills

Nucor Selected as Winner of GM Supplier of the Year Award

Apart from manufacturing facilities in Los Angeles and Houston, Hannibal has three distribution centres to meet customer demand.

Leon Topalian, President and Chief Executive Officer of Nucor Corporation noted that the acquisition demonstrates its strategy of expanding beyond its core steel businesses. In addition to complementing its current product capabilities, it also provides the company a new growth platform, he added.

 

×