Nucor acquires ITEC
Nucor Corp. announced that it has purchased 100 percent of the oustanding stock of ITEC Steel Inc. and its wholly owned subsidiary, Steel Truss and Frame Corp.
"The acquisition fits Nucor's strategy and further broadens our product diversification," said Dan DiMicco, CEO of Nucor, a manufacturer of steel products. "We have been impressed with ITEC's dedication to continuous improvement and focus and are proud to have the ITEC team as part of our group."
ITEC, a provider of load-bearing light-gauge steel framing systems, will operate as a wholly owned subsidiary of Nucor Corp. Don Moody, Nucor's manager of light-gauge framing development, will manage ITEC's operations and growth. Moody, a registered professional engineer, most recently served as president and CEO of the North American Steel Framing Alliance.
"Nucor, like ITEC, believes the opportunity in load-bearing light-gauge steel framing is significant and growing," said Moody. "ITEC's hard work and dedication over the past four years have positioned it to lead the industry as it grows and evolves, and we think the combination of Nucor and ITEC will be unbeatable."
Nucor estimates that the market for load-bearing light-gauge steel framing represents a long-term potential opportunity of approximately $3.2 billion across all market segments and product applications.