Nucor Corporation announced Tuesday that its wholly owned subsidiary, Harris Steel Inc, has completed the acquisition of the shares of Auburn, Indiana-based Ambassador Steel Corporation for a cash purchase price of approximately $185 million.
The transaction includes the shares of Ambassador's affiliate, Delta Erecting, as well as assumption of Ambassador's bank debt of approximately $136 million.
"We are excited and proud to welcome the Ambassador employees to the Nucor and Harris family," said Hamilton Lott, Nucor Executive Vice President. "Ambassador expands our rebar fabrication footprint through the midwestern, Gulf Coast and southeastern regions of the US ... With the addition of Ambassador to the other acquisitions Harris Steel has completed, our rebar fabrication business has more than doubled since Nucor acquired Harris Steel in March of 2007."
Ambassador is a fabricator and distributor of rebar and related products. In 2007, Ambassador distributed 650,000 net tons of rebar, including 422,000 net tons of fabricated rebar.