Worthington Industries Divests Oil & Gas Equipment Business
February 01 2021 - 3:02PM
Worthington Industries, Inc. (NYSE: WOR) today announced that it
sold its oil & gas equipment business to an affiliate of Ten
Oaks Group. The divestiture includes the related operating assets
located in Bremen, Ohio and Tulsa, Okla. Worthington
retained the real estate associated with the business and is
leasing it back to the new owners, who will operate the business as
Westerman, Inc.
“We’re pleased to find a family-owned buyer in Ten Oaks that can
better position our oil & gas equipment business for success,”
said President and CEO Andy Rose. “The employees in this business
are dedicated and have worked tirelessly to bring innovative
solutions to the markets they serve. We are grateful for their
contributions to Worthington and wish them success moving
forward.”
Worthington received nominal consideration at closing and may
receive additional consideration in the future.
About Worthington IndustriesWorthington
Industries (NYSE:WOR) is a leading industrial manufacturing company
delivering innovative solutions to customers that span many
industries including transportation, construction, industrial,
agriculture, retail and energy. Worthington is North America’s
premier value-added steel processor and producer of laser welded
products; and a leading global supplier of pressure cylinders and
accessories for applications such as fuel storage, water systems,
outdoor living, tools and celebrations. The Company’s brands,
primarily sold in retail stores, include Coleman®, Bernzomatic®,
Balloon Time®, Mag Torch®, Well-X-Trol®, General®, Garden-Weasel®,
Pactool International® and Hawkeye™. Worthington’s WAVE joint
venture with Armstrong is the North American leader in innovative
ceiling solutions.
Headquartered in Columbus, Ohio, Worthington operates 51
facilities in 15 states and seven countries, sells into over 90
countries and employs approximately 7,500 people. Founded in 1955,
the Company follows a people-first philosophy with earning money
for its shareholders as its first corporate goal. Relentlessly
finding new ways to drive progress and practicing a shared
commitment to transformation, Worthington makes better solutions
possible for customers, employees, shareholders and
communities.
Safe Harbor StatementThe Company wishes to take
advantage of the Safe Harbor provisions included in the Private
Securities Litigation Reform Act of 1995 (the “Act"). Statements by
the Company relating to its ability to increase market
participation, expand and integrate capacity, increase efficiencies
and reduce lead time, achieve growth in general and in specific
markets, and other statements which are not historical information
constitute "forward looking statements" within the meaning of the
Act. All forward-looking statements are subject to risks and
uncertainties which could cause actual results to differ from those
projected. Factors that could cause actual results to differ
materially include risks described from time to time in the
Company's filings with the Securities and Exchange Commission,
including those related to COVID-19 and the various actions taken
in connection therewith, which could also heighten other risks.
SONYA L. HIGGINBOTHAMVP, CORPORATE
COMMUNICATIONS AND BRAND
MANAGEMENT614.438.7391 | sonya.higginbotham@worthingtonindustries.com
MARCUS A. ROGIERTREASURER AND
INVESTOR RELATIONS OFFICER614.840.4663 |
marcus.rogier@worthingtonindustries.com
200 Old Wilson Bridge Rd. | Columbus, Ohio 43085WorthingtonIndustries.com
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