Cary, North Carolina – Diversified building components company Cornerstone Building Brands is selling its insulated metal panel business to Nucor for $1bn.
The deal is expected to close later this year, pending regulatory approval. It values the business at 10x pre-pandemic EBITDA. With the deal, Nucor gains seven manufacturing sites across the US.
Before the purchase, Nucor was predominantly a steel and steel products company, and recycler of metals. In the first three months of 2021, the company had sales of $7bn, and EBIT of $1.3bn.
Cornerstone was previously known as NCI Building Systems. In the third quarter of 2019, the insulated metal panels business had sales of $109.6m, up 2.5% on the same period a year earlier.