Nucor Corporation (NYSE: NUE) announced today (August 27) that it has completed the acquisition of Magnatrax Corporation ("Magnatrax") via the merger of Magnatrax with a wholly owned subsidiary of Nucor, for a cash purchase price of approximately $280 million.
Operating through its seven fabricating plants along with the associated engineering service centers and transportation facilities located in various parts of the U.S., Magnatrax is a leading provider of custom-engineered metal building systems for the growing North American non-residential construction market. Via its American Buildings Company, Kirby Buildings Systems, Gulf States Manufacturers and CBC Steel Buildings subsidiaries and divisions, Magnatrax primarily sells, engineers and fabricates custom metal building systems, which include primary and secondary wall and roof panels, trim and accessories.
"Nucor has been in the metal building systems industry since 1987," said Dan DiMicco, Nucor's Chairman, President and Chief Executive Officer. "The addition of the Magnatrax brands, facilities and, most importantly, people, significantly enhances Nucor's market position in one of our core downstream businesses."
Nucor and affiliates are manufacturers of steel products, with operating facilities primarily in the U.S. and Canada. Products produced include: carbon and alloy steel -- in bars, beams, sheet and plate; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; steel fasteners; metal building systems; light gauge steel framing; steel grating and expanded metal; and wire and wire mesh. Nucor is North America's largest recycler.
Certain statements contained in this news release are "forward-looking statements" that involve risks and uncertainties. Factors that might cause the Company's actual results to differ materially from those anticipated in forward-looking statements are outlined in Nucor's regulatory filings with the Securities and Exchange Commission, including those in Nucor's December 31, 2006 Annual Report on Form 10-K. The forward-looking statements contained in this news release speak only as of this date, and Nucor does not assume any obligation to update them. -Nucor
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