Nucor (NUE) Enters Agreement to Acquire Independence Tube Corp. in $425M Deal
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Nucor to Acquire Independence Tube Corporation
September 19, 2016 9:01 AM EDTCHARLOTTE, N.C., Sept. 19, 2016 /PRNewswire/ -- Nucor Corporation (NYSE: NUE) announced today that it has agreed to acquire Independence Tube Corporation (ITC), a leading independent manufacturer of hollow structural section (HSS) steel tubing, for $435 million, or approximately 6x average EBITDA over the 2013-2015 period.
"Independence Tube is a natural fit with Nucor. Their business model is similar to ours with extremely efficient manufacturing facilities and a highly variable cost structure. Our companies' cultures are also similar, sharing a belief in continual improvement, operating efficiency and the value of our... More
