Nucor To Buy C.H.I. Overhead Doors From KKR In $3 Bln Deal

(RTTNews) - Nucor Corp. (NUE) announced Monday that it has entered into an agreement with an affiliate of investment funds managed by Kohlberg Kravis Roberts & Co. L.P. to acquire C.H.I. Overhead Doors (C.H.I.) in a deal valued at $3.0 billion.

C.H.I. manufactures overhead door products for residential and commercial applications, as well as rolling steel and rubber doors for commercial and industrial customers. It has two manufacturing plants in Arthur, Illinois, and Terre Haute, Indiana, and regional warehouses located in California, Colorado, New Hampshire and New Jersey.

Commercial overhead doors are used in warehousing and retail, areas that Nucor has focused its attention recently through other value-added products such as insulated metal panels and steel racking solutions.

The C.H.I. acquisition will also expected to benefit from Nucor's recent paint line investments at its Hickman, Arkansas, and Crawfordsville, Indiana, sheet mills.

The transaction is expected to close in June or shortly thereafter, pending regulatory approvals and customary closing conditions, and be immediately accretive to earnings in its first year of ownership.