Nucor to acquire C.H.I. Overhead Doors from KKR in deal valued at $3 billion

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Nucor Corp. NUE, -0.68% said Monday it has entered an agreement with private-equity firm Kohlberg Kravis Roberts & Co. KKR, +7.11% to acquire C.H.I. Overhead Doors in a deal valued at $3.0 billion. C.H.I. makes overhead doors for the residential and commercial markets in the U.S. and Canada. Charlotte, N.C.-based Nucor makes steel and steel products and expects the deal to close in June. “Acquiring C.H.I. allows Nucor to further enhance its already diverse range of businesses that provide end market solutions to the construction and infrastructure markets,” Nucor CEO Leon Topalian said in a statement. C.H.I. has about 800 employees at two manufacturing plants in Arthur, Illinois, and Terre Haute, Indiana, and has regional warehouses in California, Colorado, New Hampshire and New Jersey. The overhead door market is worth about $5 billion and is growing, said the statement. Nucor shares were slightly higher premarket and have gained 8.5% in the year to date, while the S&P 500 SPX, +2.39% has fallen 15.6%.

This article was originally published by Marketwatch.com. Read the original article here.

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