JACKSON — Rytec Corporation, a manufacturer and seller of high-speed, high-performance commercial doors, announced recently that they have entered an agreement to be acquired by Nucor Corporation, a Charlotte-based company that produces steel and related products.
“I am thankful for having had the opportunity, along with our superb management team, to build the premier brand in high-performance commercial doors. I am eternally grateful for my father-in-law Fred Turner’s mentorship and Rytec’s Vice Chairman John Snyder’s friendship and guiding hand. Rytec has a strong cultural fit with Nucor, and it will be a great new home for Rytec,” said Chairman and Co-Chief Executive Officer of Rytec Don Grasso, in the release. “I am proud that Steve Ashmore, Rytec’s President and Co-Chief Executive Officer, will continue to lead Rytec after the sale.”
According to the release, the transaction is valued at $565 million, which is approximately 12.5 times what Rytec’s estimated 2024 earnings before interest, taxes, depreciation, and amortization (EBITDA).
Rytec employs over 300 associates who operate out of two manufacturing facilities in Hartford and Jackson.