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Steel News June 04, 2024 07:10:21 PM

Nucor Expands Footprints Beyond Core Steelmaking Businesses Through Acquisition

Paul Ploumis
ScrapMonster Author
Rytec is a leading producer of Spiral rigid rolling doors and durable fabric doors for various applications.

Nucor Expands Footprints Beyond Core Steelmaking Businesses Through Acquisition

SEATTLE (Scrap Monster): Charlotte, N.C.-headquartered Nucor Corporation announced that it has entered into an agreement to acquire Rytec Corporation – a leading manufacturer of high-performance commercial doors.

The all-cash transaction is valued at $565 million, representing nearly 12.5 times Rytec’s projected 2024 EBITDA and covers Rytec’s two Wisconsin manufacturing facilities and approximately 300 workers employed there.

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The acquisition is expected to help Nucor expand its product portfolio and downstream businesses. Moreover, it is in line with Nucor’s previously announced strategy to expand beyond its core steelmaking businesses into related downstream businesses.

The addition of high-performance doors will create cross-selling opportunities with other Nucor businesses, noted Leon Topalian, Chair, President and Chief Executive Officer of Nucor.

Chad Utermark, Executive Vice President of New Markets and Innovation for Nucor noted that the company is excited to work with the incredible team at Rytec. The combination of Rytec with C.H.I. Overhead Doors will create an overhead door platform that will deliver superior products to better serve its commercial customers, he added.

Rytec is a leading producer of Spiral rigid rolling doors and durable fabric doors for various applications.

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