Former Heads of Nucor and Magnatrax May Have Led Deal
Earlier today Nucor Corporation announced that it had completed its acquisition of Magnatrax Corporation for $280 million (see article from Reuters). After quickly creating an IntellectSpace Knowledge Map of the ties between the companies, we found that the former Chairmen of both companies are linked through National Service Industries. Peter C. Browning is now the Lead Director of Nucor, and previously served as the Company’s Chairman and Michael Z. Kay held the same board position at Magnatrax between 2001 and 2004. Browning and Kay were Directors around the same time at National Service Industries between 2001 and 2002, so it is likely that they know each other. This relationship may have been what sparked Nucor’s interest in Magnatrax, and also what helped close the sale.
Click here for an interactive version of this IntellectSpace Knowledge Map (Internet Explorer browsers only): http://nv.intellectspace.com
To further support the connection between Browning and Kay, we have included a second Knowledge Map of their circular relationships. One individual that strongly serves to tie the two is James S. Balloun. Kay and Balloun serve together as Directors on the board of Radiant Systems. Balloun can then be linked to Browning through Wachovia and AcuityBrands as well as National Service Industries. If Balloun is currently in contact with both Browning and Kay through these various corporate affiliations, then the fact that relationships came in to play during talks of a deal between Nucor and Magnatrax seem all the more likely.
Click here for an interactive version of this IntellectSpace Knowledge Map (Internet Explorer browsers only): http://nv.intellectspace.com/ispace/GuestMonitor.aspx?id=a910e799-5d48-45c3-a8e9-226aebdb0e51
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