Nucor to Acquire Hannibal Industries
Charlotte based US Steel Maker Nucor announced an agreement to acquire Los Angeles based steel racking manufacturer Hannibal Industries Inc for USD 370 million for Hannibal. Hannibal has two manufacturing facilities, one in Los Angeles and one in Houston, and three distribution centers. It provides racking for warehouses in the e-commerce, industrial, retail and food storage segments.
The Hannibal announcement comes after Nucor announced one of it’s largest-ever acquisitions last month. Nucor said in June it would buy the insulated metal panel business of Cary-based Cornerstone Building Brands for USSD 1 billion. Nucor say those two recent acquisitions complement each other well.
Nucor is touting the acquisition as one that can improve its ability to provide supply chain efficiencies along with its other businesses. Nucor Corp President & CEO Mr Leon Topalian said "Acquiring Hannibal Industries gives us a new growth platform and broadens our offering to the fast-growing warehouse channel, and complements our current product capabilities, including beams, joists and deck, metal buildings and insulated metal panels. This acquisition reflects our strategy of expanding beyond our core steel businesses and establishes a new area for Nucor to pursue a market leadership position."