NUE - Nucor Expands Portfolio With $565M Acquisition of Rytec | Benzinga
Nucor Corporation (NYSE: NUE) announced an agreement to acquire Rytec Corporation, a leading manufacturer and seller of high-speed, high-performance commercial doors, for $565 million in an all-cash transaction. This represents approximately 12.5 times Rytec's projected 2024 EBITDA. Rytec, with more than 300 employees and two manufacturing facilities in Wisconsin, is renowned for its high-performance commercial doors.
Rytec is a leader in high-performance commercial doors and serves several growing end-user markets. This acquisition further executes NUE's strategy to expand beyond core steelmaking businesses into related downstream businesses. Adding high-performance doors is expected to create cross-selling opportunities with other Nucor businesses and significantly expand Nucor's product portfolio serving the commercial space.
Rytec specializes in producing high-speed Spiral rigid rolling doors for various applications, including warehouses, manufacturing facilities, auto dealerships and parking garages. It also manufactures durable fabric doors for cold storage, food and beverage industries, manufacturing and clean room environments. The company is known for its commitment to product development, technology, and automation, aiming to enhance quality, efficiency and safety.
NUE expressed enthusiasm about the ...