Cornerstone Building to sell coil coatings business in $500M deal (NYSE:CNR)
Cornerstone Building Brands (NYSE:CNR) said Sunday it agreed to sell its coil coatings business to Australian steelmaker BlueScope Steel for $500M in cash.
Cornerstone’s coil coatings unit is the second largest metal painter in the U.S., with nearly $215M in net sales during FY 2021, and it has seven facilities with a total capacity of ~900K metric tons/year.
BlueScope said the acquisition price equates to ~8.9x the unit’s 2021 proforma EBITDA.
Cornerstone Building Brands agreed to be bought by Clayton, Dubilier & Rice last month in a deal with $5.8B enterprise value including assumption of debt.
