Benzinga | Jul 20, 2021 09:25AM EDT

Nucor To Acquire Steel Racking Manufacturer Hannibal Industries, Inc For $370M

Nucor Corporation (NYSE:NUE) announced today that it has entered into an agreement to purchase Hannibal Industries, Inc. for $370 million, which represents 6.9x EBITDA for the trailing-twelve months ended March 2021. The company is a leading national provider of racking solutions to warehouses and serves the e-commerce, industrial, food storage and retail segments. Pending approvals, Nucor will purchase 100 percent of Hannibal Industries' outstanding shares from its Employee Stock Ownership Plan (ESOP).