Nucor (NUE) Completes $435M Independence Tube Corporation Acquisition

November 2, 2016 6:05 AM EDT

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Nucor Corporation (NYSE: NUE) announced that it has closed on its acquisition of Independence Tube Corporation for approximately $435 million.

"We are pleased to welcome the 335 teammates at Independence Tube to the Nucor family," said John Ferriola, Chairman, CEO and President of Nucor Corporation. "This is a great acquisition for Nucor, giving us another growth platform and enhancing our position as the most comprehensive provider of steel solutions to the construction and infrastructure markets."

Independence Tube is a leading manufacturer of hollow structural section (HSS) steel tubing, which is used in a broad array of structural and mechanical applications including nonresidential construction, infrastructure, and agricultural and construction equipment end-use markets. Independence Tube has the second highest market share in HSS, selling its products primarily through service centers, which are also an important channel to market for Nucor products.

Doug Jellison will serve as President of Nucor Tubular Products. Jellison previously served as Vice President of Corporate Strategic Planning for Nucor.

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