Nucor to pay $1 billion in cash for Cornerstone Buildings Brands’ insulated metal panels business

Shares of Nucor Corp. slipped 0.1% in premarket trading Monday, after the steel and steel products maker announced an agreement to pay $1 billion in cash for the insulated metal panels (IMP) business of Cornerstone Building Brands. The deal is expected to close later this year. “We are excited about this opportunity to acquire a historical leader and innovator in the quickly growing IMP product category serving the non-residential market,” said Nucor Chief Executive Leon Topalian. The IMP business being acquired has seven manufacturing facilities in North America. Nucor’s stock has soared 104.5% year to date through Friday, while the SPDR Materials Select Sector ETF has advanced 21.4% and the S&P 500 has gained 12.6%.

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