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Nucor Corporation (NYSE:NUE) shares are trading lower after the company inked a deal to acquire Rytec Corporation in an all-cash transaction valued at $565 million.
The acquisition price equates to around 12.5 times Rytec’s estimated 2024 EBITDA.
Rytec manufactures high-speed Spiral rigid doors for various industries and durable fabric doors for specialized applications. The company prioritizes product development, investing heavily in technology and automation to boost quality, efficiency, and safety.
Rytec has over 300 teammates operating out of two manufacturing facilities in Wisconsin.
Leon Topalian, Chair, President and Chief Executive Officer of Nucor, said, “Rytec is a leader in high-performance commercial doors and serves several growing end-user markets. This acquisition further executes our strategy to expand beyond our core steelmaking businesses into related downstream businesses.”
“Adding high-performance doors will create cross-selling opportunities with other Nucor businesses and greatly expand Nucor’s product portfolio serving the commercial arena.”
At the end of the first quarter of 2024, Nucor had $5.54 billion in cash, cash equivalents, short-term investments, and restricted cash on hand.
Investors can gain exposure to the stock via VanEck Steel ETF (NYSE:SLX) and Litman Gregory Funds Trust IMGP Berkshire Dividend Growth ETF (NYSE:BDVG).
Price Action: NUE shares are down 2.04% at $165.40 at the last check Monday.
Photo: Janno Nivergall from Pixabay
