Nucor To Buy IMP Business Of Cornerstone Building Brands For $1 Bln Cash - Quick Facts

(RTTNews) - Nucor Corp. (NUE) announced Monday that it has signed a definitive purchase agreement to acquire the Insulated Metal Panels (IMP) business of Cornerstone Building Brands for $1 billion in cash.

Adjusting for the net present value of associated tax benefits, the realized effective purchase price for Nucor is approximately $900 million. The transaction is expected to close later this year, pending regulatory approvals.

IMP products are wall and roof panel solutions comprised of an energy efficient foam core sandwiched between two layers of steel or aluminum and are available in a variety of widths, thicknesses and exterior finishes.

The IMP business Nucor is acquiring from Cornerstone Building Brands has seven manufacturing facilities located throughout North America.

With this acquisition, Nucor will be purchasing two valued legacy brands, CENTRIA and Metl-Span, which provide a full range of products to service high-end architectural applications to more functional and quickly expanding cold storage and warehousing applications.

Separately, Cornerstone Building Brands said it expects post-tax transaction proceeds of approximately $750 million to be used to pay down a portion of its secured credit facilities, invest in organic growth and efficiency projects and strategic acquisitions.