Australian steelmakerBlueScopeSteel has announced that it will acquire the Coil Coatings business fromUS-based Cornerstone Building Brands forUS$500 million. The transaction is targeted for completion in the current calendar year.
The Coil Coatings business has a total annual capacity of 900,000 mt across seven facilities.
According to the statement, the acquisition will increaseBlueScope的年度USmetallic coating and painting capacity to over 1.3 million mt from around 475,000 mt and will enable the company to establish a significant painting footprint in the easternUS. Following completion of the acquisition, Cornerstone Building Brands will remain a key customer of the business.