June 3, 2024 /PRNewswire/ – Rytec Corporation in Jackson and Hartford, WI, reportedly entered into an agreement today to be acquired by Nucor Corporation (NYSE: NUE). Rytec Corporation is a manufacturer and seller of high-speed, high-performance commercial doors.
The all-cash transaction is valued at $565 million, which represents approximately 12.5x Rytec’s estimated 2024 earnings before interest, taxes, depreciation and amortization. With over 300 teammates operating out of two manufacturing facilities in Wisconsin, Rytec is widely considered to be the pre-eminent brand for high-performance commercial doors.
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“Rytec is a leader in high-performance commercial doors and serves several growing end-user markets. This acquisition further executes our strategy to expand beyond our core steelmaking businesses into related downstream businesses. Adding high-performance doors will create cross-selling opportunities with other Nucor businesses and greatly expand Nucor’s product portfolio serving the commercial arena,” said Leon Topalian, Chair, President and Chief Executive Officer of Nucor. “Rytec has a strong cultural fit with Nucor, and we are excited to welcome the Rytec teammates to the Nucor family.”
Rytec produces high-speed Spiral® rigid rolling doors for warehouses, manufacturing facilities, auto dealerships, and parking garages, as well as durable fabric doors for cold storage/food and beverage, manufacturing, and clean room applications.
The company has a strong focus on product development and has invested significantly in technology and automation to improve quality, increase efficiency, and enhance safety.
“We are excited to work with the incredible team at Rytec. Their products are a natural platform for expanding Nucor’s overhead door product suite. Rytec has established itself as the premier brand in high-performance commercial doors, with a strong reputation for quality and best-in-class customer service. The combination of Rytec with C.H.I. Overhead Doors will create an overhead door platform that will deliver superior product breadth and solutions to Nucor’s commercial customers,” said Chad Utermark, Executive Vice President of New Markets and Innovation for Nucor.
