Nucor Acquires TrueCore Insulated Panels

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Dec 11, 2019, 09:00 ET

CHARLOTTE, N.C., Dec. 11, 2019 /PRNewswire/ -- Nucor Corporation (NYSE: NUE) announced today that it is acquiring TrueCore, LLC (TrueCore), an insulated metal panel manufacturing company with a facility in Laurens, South Carolina. TrueCore produces insulated metal panels serving the cold storage market, with future plans for additional commercial and industrial applications.

"This acquisition fits well with our strategy to profitably grow our value-added product portfolio and provides great synergies with Nucor Buildings Group. As the market leader in metal buildings, we currently utilize a high volume of insulated panels for buildings we design and manufacture," said Chad Utermark, Executive Vice President, Fabricated Construction Products.

"We are excited to be in this business. The TrueCore products are outstanding and the TrueCore team is exceptional," said Jeff Carmean, President of Nucor Buildings Group. "The TrueCore founding partners, Conor Lowery, Dean Soll, and Sara Truhlar, will remain with the company and bring significant industry experience and unparalleled commitment to the insulated panel market. Their uncompromising devotion to quality and customer service align perfectly with our core values."

TrueCore currently has 26 employees and will become part of Nucor Buildings Group. "TrueCore is very excited to join the Nucor family. Since entering the industry, customer response to TrueCore has been extraordinary," said Conor Lowery, Director of Operations for TrueCore. "We can now scale this company faster to meet the growing demand. We already have plans to add additional products to our portfolio, including insulated roof panels and a line of fire-rated panels. In the coming months we will also begin construction on new facilities to serve the Western and Midwestern markets. We are excited about TrueCore's future as part of Nucor."

Nucor and its affiliates are manufacturers of steel and steel products, with operating facilities in the U.S., Canada and Mexico. Products produced include: carbon and alloy steel -- in bars, beams, sheet and plate; hollow structural section tubing; electrical conduit; steel piling; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; precision castings; steel fasteners; metal building systems; steel grating; and wire and wire mesh. Nucor, through The David J. Joseph Company, also brokers ferrous and nonferrous metals, pig iron and hot briquetted iron / direct reduced iron; supplies ferro-alloys; and processes ferrous and nonferrous scrap. Nucor is North America's largest recycler.

Certain statements contained in this news release are "forward-looking statements" that involve risks and uncertainties. The words "believe," "expect," "project," "will," "should," "could" and similar expressions are intended to identify those forward-looking statements. Factors that might cause the Company's actual results to differ materially from those anticipated in forward-looking statements include, but are not limited to: (1) competitive pressure on sales and pricing, including competition from imports and substitute materials; (2) U.S. and foreign trade policies affecting steel imports or exports; (3) the sensitivity of the results of our operations to prevailing steel prices and changes in the supply and cost of raw materials, including scrap steel; (4) market demand for steel products; and (5) energy costs and availability. These and other factors are discussed in Nucor's regulatory filings with the Securities and Exchange Commission, including those in Nucor's 2018 Annual Report on Form 10-K, Item 1A. Risk Factors. The forward-looking statements contained in this news release speak only as of this date, and Nucor does not assume any obligation to update them.

SOURCE Nucor Corporation