Nucor To Buy C.H.I. Overhead Doors From KKR In $3 Bln Deal

Nucor Corp. (NUE) announced Monday that it has entered into an agreement with an affiliate of investment funds managed by Kohlberg Kravis Roberts & Co. L.P. to acquire C.H.I. Overhead Doors (C.H.I.) in a deal valued at $3.0 billion.

C.H.I. manufactures overhead door products for residential and commercial applications, as well as rolling steel and rubber doors for commercial and industrial customers. It has two manufacturing plants in Arthur, Illinois, and Terre Haute, Indiana, and regional warehouses located in California, Colorado, New Hampshire and New Jersey.

Commercial overhead doors are used in warehousing and retail, areas that Nucor has focused its attention recently through other value-added products such as insulated metal panels and steel racking solutions.

The C.H.I. acquisition will also expected to benefit from Nucor's recent paint line investments at its Hickman, Arkansas, and Crawfordsville, Indiana, sheet mills.

The transaction is expected to close in June or shortly thereafter, pending regulatory approvals and customary closing conditions, and be immediately accretive to earnings in its first year of ownership.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Primal Pet Foods is recalling a single lot of Raw Frozen Primal Patties for Dogs Beef Formula due to potential contamination with Listeria monocytogenes, the U.S. Food and Drug Administration said. The recall involves lot #W10068709 of 6-pound Raw Frozen Primal Patties with best by date of 05/22/23. The Raw Frozen Primal Patties are sold in flexible packaging in the freezer at select pet stores. The U.S. Food and Drug Administration has authorized state-licensed pharmacists to prescribe COVID-19 pill Paxlovid (nirmatrelvir and ritonavir) by drug major Pfizer Inc. to eligible patients, with certain limitations. The agency has revised the Emergency Use Authorization or EUA for Paxlovid for the authorization, which could improve access for some patients at high risk for severe covid-19. Retail major Walmart's popular InHome direct-to-fridge delivery service is now available as an optional add-on within its membership plan Walmart+. Walmart also launched InHome service, which delivers groceries straight to one's fridge, in several new markets including Miami, Tampa, Orlando, Dallas, Austin, San Jose and San Francisco.
Follow RTT