Nucor Corp. has agreed to acquire Rytec Corp., a manufacturer and seller of high-speed, high-performance commercial doors for $565 million cash (12.5x Rytec's estimated 2024 EBITDA).

Rytec has over 300 workers operating out of two manufacturing facilities in Wisconsin. Web: rytecdoors.com

“Rytec is a leader in high-performance commercial doors and serves several growing end-user markets,” stated Nucor CEO Leon Topalian.

“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.”

Rytec produces high-speed Spiral rigid rolling doors for warehouses, manufacturing facilities, auto dealerships, and parking garages, as well as durable fabric doors for cold storage/food and beverage, manufacturing, and clean room applications. The company has invested in technology and automation to improve quality, increase efficiency, and enhance safety.

“The combination of Rytec with C.H.I. Overhead Doors will create an overhead door platform that will deliver superior product breadth and solutions to Nucor's commercial customers,” added Nucor executive VP Chad Utermark.

Nucor Cold Finished Steel product sales, including fasteners, fell 15% to 99,000 tons in the opening quarter of 2024, down from 117,000 tons in the first quarter of the previous year.

Consolidated Nucor sales totaled $8.14 billion in Q1, up 6% to $7.7 billion in the fourth quarter of 2023 and down 7% from $8.71 billion in the first quarter of 2023. Web: nucor.com