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Cornerstone Building Brands, Cary, N.C., has entered into a definitive agreement to sell its Insulated Metal Panels (IMP) business to Nucor Insulated Panel Group for $1 billion in cash.
The deal, expected to close in the second half of 2021, includes products sold under the Metl-Span and CENTRIA brands.
The IMP business Nucor is acquiring has seven manufacturing facilities located throughout North America, which are said to complement the footprint of Nucor Buildings Group, as well as its existing IMP division, TrueCore.
In conjunction with the sale, Nucor and Cornerstone Building Brands will enter into a long-term supply agreement, enabling Cornerstone to continue to offer IMP products as part of its metal buildings and components product offerings.