Charlotte-based Nucor Steel just announced a $565 million expansion with the acquisition of Rytec Corp., a leading Wisconsin door manufacturer. Nucor’s purchase includes two manufacturing facilities and over 300 employees.
This acquisition aligns with Nucor’s strategy to expand beyond steel into related businesses.
“Rytec is a leader in high-performance commercial doors and serves several growing end-user markets. 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,” said Nucor CEO Leon Topalian in a press release. “Rytec has a strong cultural fit with Nucor, and we are excited to welcome the Rytec teammates to the Nucor family.”
Two years ago, Nucor bought C.H.I. Overhead Doors for $3 billion. Combining Rytec with C.H.I. will offer more product options for Nucor’s commercial customers, said Chad Utermark, Nucor’s executive vice president of new markets and innovation.
Nucor (NYSE: NUE) is one of the largest companies based in Charlotte with a current market cap of $38 billion. They primarily manufacture steel products, including bars, beams, sheet, and plate. They operate facilities in the U.S., Canada, and Mexico, and are North America’s largest recycler.
