Steel Mills
Nucor Buying Insulated Metal Panels Business for $1 Billion
Written by Sandy Williams
June 8, 2021
Nucor will purchase Cornerstone Building Brand’s insulated metal panels (IMP) business for a cash price of $1 billion dollars. The purchase is expected to close later this year, pending regulatory approval.
The transaction includes seven manufacturing facilities located throughout North America that will complement Nucor Buildings Group and the company’s existing IMP business, TrueCore, the steelmaker said.
IMP products are wall and roof panel solutions comprised of an energy efficient foam core sandwiched between two layers of steel or aluminum and are available in a variety of widths, thicknesses and exterior finishes. The acquisition includes two valued legacy brands, CENTRIA and Metl-Span, which provide products serving high-end architectural applications as well as utilitarian cold storage and warehouse applications, the company said.
Nucor President and CEO Leon Topalian called the acquisition an “excellent fit” for Nucor’s long-term business strategy.
“Today’s announcement accelerates our vision to broaden value-added solutions that Nucor provides to our targeted end markets. Additionally, it enhances our strong financial position with attractive free cash flow conversion rates and accretive EBITDA margins,” said Topalian. “We are excited about this opportunity to acquire a historical leader and innovator in the quickly growing IMP product category serving the non-residential market.”
Sandy Williams
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