US steelmaker Nucor has completed the acquisition of pallet rack manufacturer Hannibal Industries.
The steelmaker said in a release on Monday that the deal closed at $370mn completing Nucor’s 100pc stake purchase of Hannibal Industries from its employee stock ownership plan. Nucor first announced its plans to purchase the company in July as a way to broaden its ability in providing warehouse and distribution to customers in combination with its purchase of Cornerstone Building’s insulated metal panels business.
Hannibal Industries produces 136,078mt of steel products annually. The company currently serves industries that include food and beverage, agriculture, automotive, and construction.