Nucor acquires Steel Racking Manufacturer Elite Storage Solutions
Nucor Corporation has announced that it has acquired steel racking manufacturer Elite Storage Solutions for $75 million. This acquisition expands Nucor’s steel racking capabilities and builds on the company’s acquisition of Hannibal Industries last year. Elite Storage Solutions employs 180 full-time teammates at locations in Monroe, Georgia, and Chandler, Arizona.
“We are excited to grow our steel racking capabilities with this acquisition of Elite Storage Solutions. Establishing a manufacturing presence in the southeast complements our existing steel racking business and allows us to serve our racking customers nationwide more efficiently,” said Giff Daughtridge, President of Sheet and Tubular Products. “Elite was founded and operated by the South family since the early 1980s and in partnership with the Stein family, owners of Triple-S Steel, since 2017. This acquisition provides a growth platform for the Elite team as well as for Nucor.”
End-use markets for steel racking, including e-commerce warehouses, data centers, and food and beverage storage, have experienced strong growth that is forecast to continue. The acquisition gives Nucor access to new customers and will provide logistical advantages in serving existing customers. Nucor’s existing steel racking business, Hannibal Industries, has facilities in southern California and Texas.
