BlueScope Steel acquires Butler Manufacturing

BlueScope Steel acquires Butler Manufacturing

With a recent statement released from Australian steel producer BlueScope Steel, the company announced that it will acquire Butler Manufacturing Company, a leading provider of pre-engineered steel building systems. The acquisition which is expected to be completed in two or three months is subject to approval of Butler shareholders and certain authorities in US. Meanwhile, it is stated that Butler has been seeking for a buyer since October 2003. BlueScope Steel's offer for Butler Manufacturing is $144 million. Moreover the company took on the debt of $60 million, so the the total offer reached $204 million. As Butler Manufacturing Company serves both North American and Chinese markets, the service it will provide to BlueScope Steel will also be available for the customers of BlueScope Steel in South East Asia, Australia and New Zealand. With the acquisition, BlueScope Steel will be able to serve its customers with metal coated, pre-painted steels and roll-formed steel building products.