May 17—ARTHUR — C.H.I. Overhead Doors, a company launched in Arthur in 1981, will be sold, and its employees will receive substantial cash payouts.

Kohlberg Kravis Roberts & Co., the global investment firm that owns C.H.I., announced Monday that it's signed an agreement to sell the Arthur company to Nucor Corp. in a transaction valued at $3 billion.

The sale is expected to close in June or shortly thereafter, pending regulatory approval, according to Nucor.

KKR made all 800 C.H.I. employees — from hourly workers to truck drivers — owners when it acquired the company in 2015.

In addition to about $9,000 in dividends received since 2015, hourly employees and truck drivers will receive, on average, approximately $175,000 as a payout on their equity — with the most tenured employees earning substantially more, according to KKR.

Employees will also receive 12 months of pre-paid personal financial coaching and tax-preparation services through Goldman Sachs Ayco Personal Financial Management and Ernst & Young, KKR said.

Jason Harlin, a forklift and facility maintenance employee at C.H.I., said Monday that employees were told of the sale last week but were asked to keep the name of the buyer under wraps until it was announced.

Harlin, 39, is an Arthur native who has worked for C.H.I. for 20 years.

Employees knew they would get some kind of payment, he said, "but we didn't know it was going to be this kind of money."

The reaction, he said: "It was amazing. Everybody smiling. It was mind-blowing, basically."

Even those employees who have been with C.H.I. since January will receive $20,000 payouts, Harlin said.

"It means a lot to me," he said.

C.H.I., a leading maker of overhead doors for residential and commercial markets, is based in Arthur and also has a plant in Terre Haute, Ind.

It also has warehouses in California, Colorado, New Hampshire and New Jersey.

Charlotte, N.C.-based Nucor is a manufacturer of steel and steel products, with plants in the U.S., Canada and Mexico.

"Acquiring C.H.I. is another step in our long-term strategy to expand into areas that are a natural extension of our business and leverage our efficient manufacturing model," said Nucor President and CEO Leon Topalian.

"C.H.I. is a highly profitable organization built with an amazing team and culture," he said.

"It has consistently proven its strength and competitive advantages due to its broad product suite, very short lead times, robust delivery infrastructure and focused customer service."

C.H.I.'s leadership team, including its CEO, Dave Bangert, is expected to remain in place after the sale, according to KKR.

"We can't thank our strategic partners at KKR enough for believing in us at C.H.I., providing a life-changing experience for us all and driving a movement not only across the industry but across the country," Bangert said.

"Looking ahead, we're excited to come together with Nucor, who shares our cultural values and wants to keep building with us."