Nucor Announces Acquisition of Mexican Castings Facility

SEATTLE (Scrap Monster): Nucor Corporation- the Charlotte, North Carolina-headquartered producer of steel and steel related products announced its decision to expand its presence in Mexico through fresh acquisition. The press release by the company declared the acquisition of castings company Corporacion POK, S.A. de C.V. (POK).

Commenting on the acquisition, John Ferriola, Chairman, CEO and President of Nucor Corporation stated that it will help the company to expand its capabilities in the Mexican market, where Nucor has established its presence for more than a decade now. The acquisition is in line with the company’s strategy to explore downstream processing capabilities that deliver high-end applications to niche markets. The expansion will ensure long-term profitable growth of its Mexican operations, he added.

POK is considered as a natural fit for the company’s existing cold finish businesses in Mexico. Furthermore, it is expected to complement the operations at the recently acquired Monterrey facility. The new product offerings, by way of acquisition, will enable the company to further capitalize on existing markets and expand into new markets. Nucor Corporation, in partnership with Japanese JFE Steel Corporation is currently involved in the construction of a new galvanizing line in order to better serve the growing automotive market in the region.

Founded in 1894, POK owns a full-fledged castings facility in Guadalajara, where it employs nearly 425 people.