Nucor steel buys overhead door company in $3-billion deal as it continues expansion plans
Charlotte-based Nucor Corp. is buying an Illinois-based overhead door manufacturer for $3 billion, Nucor said Monday, as it continues to expand its portfolio.
The steel manufacturer has entered into an agreement to purchase C.H.I. Overhead Doors from global private equity firm Kohlberg Kravis Roberts & Co, according to the news release.
“Acquiring C.H.I. is another step in our long-term strategy to expand into areas that are a natural extension of our business,” Nucor president and CEO Leon Topalian said in a statement.
Nucor plans to close the deal in June or soon after, the release said.
C.H.I. Overhead doors has approximately 800 employees across two manufacturing plants in Illinois and Indiana, as well as regional warehouses in California, Colorado, New Hampshire and New Jersey. Overhead doors can be used for residential purposes, like garage doors, and commercial purposes at warehouses or retailers.
Other Nucor expansion moves
Nucor has taken multiple steps to expand in recent months.
Last August, it completed a $1-billion acquisition of two insulated metal panel brands from Cary-based Cornerstone Building Brands.
And last month, Nucor acquired steel racking manufacturer Elite Storage Solutions for $75 million with locations in Monroe, Georgia, and Chandler, Arizona.
Also in April, the steelmaker announced a new micro steel mill in Lexington, about 60 miles northeast of Charlotte. The company will invest $350 million in the site, creating at least 180 jobs.
Other recent moves include:
- In February, Nucor approved a $290 million investment to expand its Crawfordsville, Indiana, steel sheet mill, creating 80 jobs.
- In January, Nucor said it would build a $2.7 billion sheet mill in Mason County, West Virginia, with capacity to produce 3 million tons of steel annually.
- Last fall, the steel manufacturer said it would add a blast and prime line at its $1.7 billion steel plate mill under construction in Brandenburg, Kentucky, and create 400 jobs. It’s expected to open later this year.
Nucor has been headquartered on Rexford Road in south Charlotte since 1966. It’s the largest steel company in the U.S.
The company has about 800 employees in North Carolina and almost 27,000 workers throughout its more than 300 facilities in the U.S., Canada and Mexico, according to the company website.
This story was originally published May 16, 2022 at 10:53 AM.
