Nucor Acquiring Steel Decking Firm

Nucor Corp. has entered into an agreement to purchase substantially all of the assets of Verco Manufacturing Co. for about $180 million, subject to post-closing adjustments. The transaction is expected to close during the fourth quarter of this year.

Verco produces steel floor and roof decking at three locations in the western United States: Phoenix; Fontana, Calif.; and Antioch, Calif. Nucor's Vulcraft Group is the largest U.S. manufacturer of steel deck. With the addition of the Verco facilities, Nucor's total annual deck capacity will exceed 500,000 tons.

"The acquisition of Verco is an extremely attractive growth opportunity to enhance Nucor's market leadership position in steel deck and to expand our highly profitable vertical integration business model. Nucor's downstream value-added businesses have consistently generated very attractive returns on assets through the economic cycle," said Daniel DiMicco, Nucor's chairman, president and CEO.

Hamilton Lott, Jr., executive VP, stated, "We are looking forward to adding the Verco Team to the Nucor family. Verco has built an impressive 40-year record of success serving the western U.S. deck market. This acquisition will position Nucor with a national reach to provide U.S. nonresidential construction markets with a complete package of joist and deck products."