CHARLOTTE, N.C., Nov. 29, 2018 /PRNewswire/ -- Nucor
Corporation (NYSE:NUE) announced today that it is acquiring
Corporacion POK, S.A. de C.V. (POK), a fully integrated precision
castings company with a facility in Guadalajara, Mexico. POK produces complex
castings and precision machined products used by the oil and gas,
mining and sugar processing industries.
"Our company has had a presence in Mexico for more than a decade. We know the
market and the customers there. This acquisition supports Nucor's
strategy in Mexico, which is
focused on downstream processing for high-quality, value-added
applications targeting niche markets," said John Ferriola, Chairman, CEO and President of
Nucor Corporation. "Expanding our capability to produce value-added
products is a key component of our strategy for long-term
profitable growth."
POK produces a wide array of precision castings using steel,
bronze, iron and specialty exotic alloys. Founded in 1894, POK has
a long operating history and strong management team, which is a
natural fit for Nucor's existing cold finish businesses and
complements Nucor's acquisition of a cold finish facility in
Monterrey last year. The
acquisition of POK will enable Nucor to broaden its current product
offerings and gives the company the opportunity to increase sales
into new and existing markets. POK currently employs 425 people at
its Guadalajara production
facility.
In addition to the Nucor ATP Mexico cold finish facility in
Monterrey, Nucor's current Mexican
operations include several sheet steel processing facilities as
part of its Steel Technologies joint venture with Mitsui & Co.,
as well as a steel sales office. Nucor is also building a
galvanizing line with its joint venture partner, JFE Steel
Corporation of Japan, to serve the
Mexican automotive market.
Nucor and its affiliates are manufacturers of steel and steel
products, with operating facilities primarily in the U.S. and
Canada. 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; 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 HBI/ DRI 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 the
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 fiscal 2017 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.
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SOURCE Nucor Corporation