CHARLOTTE, N.C., March 17 /PRNewswire-FirstCall/ -- Nucor Corporation
(NYSE: NUE) ("Nucor") and Lennar Corporation (NYSE: LEN) ("Lennar") announced
today that their respective wholly owned subsidiaries, Nucon Steel Commercial
Corporation ("Nucon") of Denton, TX and LFB Engineered Systems, Inc. ("LFB")
of Stockton, CA have formed NEXFRAME, LP, a joint venture established to
provide comprehensive light gauge steel framing solutions for residential
construction markets across the nation.
NEXFRAME will be co-managed by Nucon and LFB and will be based in LFB's
current facilities located in Stockton, CA.
"Nucor believes the opportunity for the use of light gauge steel framing
in residential construction is significant today, is growing and will continue
to grow in the future. We are extremely pleased to have the opportunity to
form this joint venture with a Lennar company and believe there are a great
many synergies between our two companies that the joint venture can
immediately begin to capitalize upon," said Don Moody, Nucon's General
Manager. "With Nucor's manufacturing prowess and Lennar's homebuilding
expertise, I don't think you could come up with a better partnership to enable
the use of light gauge steel framing for residential construction," said Dave
Ball, LFB's General Manager. Ball further added, "Both companies had been
working on parallel yet separate paths, and combining our efforts via NEXFRAME
will enable us to jump us ahead much faster."
"We have a great deal of respect for Lennar and their position in the
homebuilding industry and are very optimistic about NEXFRAME. We believe it
will provide an outstanding platform for expanding the use of light gauge
steel framing across the nation," said Hamilton Lott, Nucor's Executive Vice
"This joint venture and the opportunities for simplifying the construction
process fit well with Lennar's focus on increasing consumer value through
process improvement, efficiency gains and cost reduction initiatives," said
Jon Jaffe, Lennar's Chief Operating Officer. We know Nucor is as serious
about this endeavor as we are and we are very optimistic about working with
them to realize its full potential," Jaffe added.
Dan DiMicco, Nucor's Chief Executive Officer, and Stuart Miller, Lennar's
Chief Executive Officer, share their respective teams' enthusiasm for this
joint venture and look forward to a long and mutually beneficial relationship
between their two companies.
Nucon's products include integrated software, automated roll forming and
fabrication systems for the design and manufacture of light gauge steel panels
and trusses. Nucon is headquartered in Denton, TX and operates manufacturing
facilities in Denton, TX and Dallas, GA.
LFB designs, manufactures and fabricates light gauge steel framing
packages for residential production builders in California. LFB also provides
field framing services. LFB's headquarters and manufacturing facilities are
located in Stockton, CA.
Nucor and affiliates are manufacturers of steel products, with operating
facilities in sixteen states. Products produced are: carbon and alloy steel -
in bars, beams, sheet and plate; steel joists and joist girders; steel deck;
cold finished steel; steel fasteners; metal building systems; and light gauge
steel framing. Nucor is the nation's largest recycler.
Certain statements contained in this news release are "forward-looking
statements" that involve risks and uncertainties. Factors that might cause
the Company's actual results to differ materially from those anticipated in
forward-looking statements are outlined in Nucor's regulatory filings with the
Securities and Exchange Commission, including those in Nucor's December 31,
2005 Annual Report on Form 10-K. The forward-looking statements contained in
this news release speak only as of this date, and Nucor does not assume any
obligation to update them.
SOURCE Nucor Corporation