Nucor Corporation announced today that it has successfully completed its acquisition of Hannibal Industries, Inc., a national provider of steel racking solutions, for a cash purchase price of $370 million. Nucor purchased 100 percent of Hannibal Industries' outstanding shares from its Employee Stock Ownership Plan (ESOP).
"We are excited to officially welcome our Hannibal teammates as part of the Nucor team," said Giff Daughtridge, President of Sheet and Tubular Products. "Adding steel racking solutions to our product portfolio expands our ability to serve our customers in the fast-growing warehouse and distribution market. This acquisition complements our existing product capabilities in this area."