Nucor Corp. announced Tuesday that it has offered to acquire all shares of Canadian long product fabricator, Harris Steel Group Inc., for approximately $1.07 billion in cash.
Harris Steel's board of directors has endorsed the offer, entering an irrevocable lock-up agreement which provides that their shares will be deposited to the offer.
Nucor Chairman and CEO, Dan DiMicco told customers in a press release: "Harris Steel has been a strong partner of ours for almost three years, is a company that we know well, has a management team whom we respect, and will be a highly complementary fit with
Nucor. Harris Steel provides
Nucor with immediate and broad geographical reach and with considerable scale and growth opportunities."
Upon completion of the acquisition,
Nucor plans to allow Harris Steel to operate as a separate, wholly-owned subsidiary.
Toronto-based Harris Steel employs 3,000 people, specializing in
rebar,
wire products, and industrial metal grating.