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Cornerstone Constructing Manufacturers (NYSE:CNR) mentioned Sunday it agreed to promote its coil coatings enterprise to Australian steelmaker BlueScope Metal for $500M in money.
Cornerstone’s coil coatings unit is the second largest metallic painter within the U.S., with almost $215M in internet gross sales throughout FY 2021, and it has seven services with a complete capability of ~900K metric tons/12 months.
BlueScope mentioned the acquisition worth equates to ~8.9x the unit’s 2021 proforma EBITDA.
Cornerstone Constructing Manufacturers agreed to be purchased by Clayton, Dubilier & Rice final month in a cope with $5.8B enterprise worth together with assumption of debt.
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