Corporación POK has been acquired by Nucor Corporation (NYSE:NUE)
HOUSTON, TEXAS (December 3, 2018) – Statesman Corporate Finance, LLC (“Statesman”) is pleased to announce that Corporación POK, S.A. de C.V., headquartered in Guadalajara, Jalisco, Mexico, has been acquired by Nucor Corporation (NYSE:NUE) (“Nucor”). Statesman served as the exclusive investment banking advisor to POK, executing the process that identified and initiated discussions with Nucor, and advising POK shareholders throughout the process. The transaction closed November 27, 2018. The complete press release can be found here on Nucor’s website.
POK is a fully integrated foundry operations that produces turn-key complex castings and precision machined products for major OEM’s in the oil and gas, mining and sugar processing industries. Founded in 1894, POK has over 425 employees at its Guadalajara foundry and was owned and managed by members of the 3rd and 5th generation of the founder’s family. Several members of the selling family will continue with the Company in key operational management roles. POK will be a part of Nucor’s cold finish business and complements Nucor’s acquisition of a cold finish facility in Monterrey, Mexico last year.
John Ferriola, Chairman, CEO and President of Nucor Corporation stated, “Our company has had a presence in Mexico for more than a decade. We know the market and the customers there. The acquisition of POK supports Nucor’s strategy in Mexico, which is focused on downstream processing for high-quality, value-added applications targeting niche markets. Expanding our capability to produce value-added products is a key component of our strategy for long-term profitable growth.”
Statesman is the FINRA-licensed broker dealer affiliate of Statesman Business Advisors, LLC. With offices in Houston and Austin, Texas, Statesman is a leading middle-market investment banking firm providing merger and acquisition, capital formation, valuation and other general corporate financial advisory services to middle-market companies. The Statesman team advising on this engagement included Principal Walter Tomlinson, Senior Associate David Carrasco, and Analyst Philip Rodriguez.
Nucor, is the largest and most diversified steel and steel products company in North America and is also North America’s largest recycler. Nucor’s operating facilities are primarily located in the U.S. and Canada.
About the other transaction participants
Legal counsel to Corporación POK was provided by Haynes and Boone, LLP led by Partner George Gonzalez (Houston, TX), and Partner Edgar Klee (Mexico City, Mexico).
Legal counsel to Nucor Corporation was provided by Moore & Van Allen PLLC, led by Member Scott Syfert (Charlotte, NC) and Mexico Counsel Creel, García-Cuéllar, Aiza y Enrique, SC led by Partner Francisco Montalvo (Monterrey, Mexico).