Nucor Corporation this week completed a $1 billion acquisition of two insulated metal panel brands. They come from the Cary-based Cornerstone Building Brands in a Southern state.
Moreover, the deal comes as the Charlotte, North Carolina-based steel company is continuing to broaden its portfolio. This is occurring while making plans to build a $164 million tube mill in another Southern state. The company is, in fact, ready to “rebuild this county.” Nucor CEO Leon Topalian said that in an interview following the Senate’s approval of the $1 trillion infrastructure package.
Nucor and Insulated Metal panels are added to its TrueCore unit with the Cornerstone Building acquisition of CENTRIA and Metl-Span brands. In fact, the wall and roof panels are indeed making with energy-efficient foam. It is sandwiching between two layers of steel or aluminum, according to the company.
High-End Architectural Applications
Moreover, the acquisitions do help the company provide a range of products to service high-end architectural applications. In addition, to the cold storage and warehousing markets, Jeff Carmean, president of Nucor Insulated Panel Group, said on Monday.
Nucor, in June, said that demand for insulating metal products is anticipating to grow at double-digit annual rates. This would occur throughout the decade, when, in fact, does announce its intention to make the $1 billion acquisition.
Moreover, that growth is driven by consumer preferences for e-commerce and grocery delivery. In addition to the expansion of data centers and server farms that do require temperature-controlled climates, the company said
Nucor Growth With Merger
In fact, the company will add 830 employees from the seven at Cornerstone Building Brands manufacturing facilities. In addition to three offices, and, in addition, a product center. Moreover, Cornerstone Building Brands is the largest manufacturer of exterior building products that includes vinyl siding, metal roofing, and wall systems in North America. This is according to the company website.
Beyond the Steel Industry
The company is also planning to grow in other markets, too. It will purchase Hannibal Industries. This company is a rack and tube manufacturer with facilities on the West Coast and in the South.