Steel products manufacturer Nucor reports that it has entered into an agreement to acquire 50% of Duferdofin-Nucor S.r.l., a joint venture being created with Duferco S.A. to produce beams in Italy and distribute beams in Europe and North Africa.
The joint venture will include Duferco Group's long product production assets in Italy, as well as associated distribution companies.
Charlotte, N.C.-based Nucor said it will pay 423.5 million euros (about $658 million) for a 50% equity stake in Duferdofin-Nucor. Formation of the joint venture and finalization of the acquisition will follow any regulatory and other approvals. The transaction should close during the third quarter of 2008, Nucor said.
"Our teams have worked together smoothly from the development of the memorandum of understanding through execution of the definitive agreements. Both companies have a similar focus on both customer service and working together as a team. said Nucor CEO and Chairman Dan DiMicco. We look forward to working even more intensively together through the closing of this deal and into the exciting times ahead.