North America’s Nucor is acquiring Cornerstone’s insulated metal panels (IMP) business for $1bn.
Cornerstone’s IMP division has seven manufacturing units, three offices, and an innovation center across North America employing about 850 people. The facilities produce wall and roof panels with an energy-efficient foam core between two layers of steel or aluminum. The panels have varied widths, thicknesses, and exterior finishing.
Under the definitive agreement announced by the two companies on Monday, the facilities will complement Nucor’s existing IMP business TrueCore. The deal will be finalized later this year after Cornerstone receives certain approvals, Nucor indicated in a media statement.