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Steel manufacturer Nucor Corp. will pay some $3 billion to acquire a manufacturer of overhead doors for residential and commercial buildings.
The North Carolina-based company said the addition of C.H.I. Overhead Doors would bolster its operations in a growing $5 billion market, as well as complement other recent deals for value-added products in the warehousing and retail sectors, such as steel racking and insulated metal panels.
C.H.I. operates two manufacturing facilities in Arthur, Illinois, and Terre Haute, Indiana, where it also produces rolling steel and rubber doors. Those sites employ approximately 800 workers. The company also has regional warehouses in California, Colorado, New Hampshire, and New Jersey.
Nucor officials said C.H.I.’s operations would also benefit from upgraded paint lines at sheet mills in Arkansas and Indiana.
Nucor President and CEO Leon Topalian said the company's innovative team, short lead times, attentive customer service, and grand delivery lines make the organization extremely profitable. "Acquiring C.H.I. allows Nucor to further enhance its already diverse range of businesses that provide end market solutions to the construction and infrastructure markets," he said.
The deal is expected to close around June, pending approval from regulators and completion of other closing conditions.
Image Credit: DifferR / Shutterstock.com
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