Worthington Enterprises Acquires HALO Products Brand
February 01 2024 - 3:15PM
Worthington Enterprises, Inc. (NYSE: WOR), a designer and
manufacturer of market-leading brands that help enable people to
live safer, healthier and more expressive lives, today announced it
is adding HALO™-branded pizza ovens, pellet grills, griddles and
accessories to its portfolio of outdoor living products.
As consumers increasingly seek new ways to elevate
outdoor experiences, easy-to-prepare, high-quality food is a
differentiator that can transform the experience, according to
Steve Caravati, president, Consumer Products, Worthington
Enterprises.
“HALO’s innovative pizza ovens, pellet grills and
griddles are disrupting the outdoor culinary experience,” said
Caravati. “HALO, combined with our other leading outdoor living
brands such as Coleman portable propane tanks and Bernzomatic
torches, fuel and accessories, are a natural match and powerful
combination. This acquisition expands our presence in the
attractive outdoor living segment. We look forward to leveraging
our ecommerce platform, robust marketing infrastructure and retail
partnerships to help grow the HALO brand.”
Michael Giebel, co-founder and chief executive
officer, HALO Products Group, will be chief product development
officer for the HALO product line.
Giebel said, “I am excited for our team to now be
part of a larger consumer brands company that is strategically
capitalizing on growth opportunities in the outdoor living segment.
I believe that Worthington’s experience and relationships in the
outdoor market – paired with its people-first culture – will
accelerate the HALO brand faster than we could on our own. I am
personally eager to focus on my passion of product innovation.”
HALO is an innovative, asset-light, niche business
with technology-enabled solutions catering to the changing trends
of how people cook, gather and enjoy. Several of HALO’s products
are designed for increased portability and can connect via wireless
network or Bluetooth for mobile app-based control of cook time,
grill temperature and other performance-related functions.
As a result of the transaction, Worthington
Enterprises is acquiring an 80 percent ownership stake in an
affiliate of HALO Products Group. HALO, which is based in
Elizabethtown, Kentucky, and employs approximately 25 people,
generated net revenue of $7 million in 2023. Giebel, along with
Paul Simon and Richard Fan, founded the business in 2020 with a
vision to “rise above” market standards with superior products and
customer experiences.
About Worthington Enterprises
Worthington Enterprises (NYSE: WOR) is a designer and manufacturer
of market-leading brands that help enable people to live safer,
healthier and more expressive lives. The Company operates with
three business segments: Building Products, Consumer Products and
Sustainable Energy Solutions. Worthington’s emphasis on innovation
and transformation extends to building products including water
systems, heating and cooling solutions, architectural and
acoustical grid ceilings and metal framing and accessories, and
consumer products in tools, outdoor living and celebrations
categories sold under brand names Balloon Time®, Bernzomatic®,
Coleman®, Garden-Weasel®, General®, HALO™, Hawkeye™, Level5 Tools®,
Mag Torch®, Pactool International® and Well-X-Trol®. The Company
serves the growing global hydrogen ecosystem through on-board
fueling systems and gas containment solutions.
Headquartered in Columbus, Ohio, Worthington
Enterprises employs approximately 5,000 people throughout North
America and Europe.
Founded in 1955 as Worthington Industries,
Worthington Enterprises follows a people-first Philosophy with
earning money for its shareholders as its first corporate goal.
Worthington Enterprises achieves this outcome by empowering its
employees to innovate, thrive and grow with leading brands in
attractive markets that improve everyday life. The Company engages
deeply with local communities where it has operations through
volunteer efforts and The Worthington Companies Foundation,
participates actively in workforce development programs and reports
annually on its corporate citizenship and sustainability efforts.
For more information, visit worthingtonenterprises.com.
Forward-Looking Statements
Statements by Worthington Enterprises that are not limited to
historical information constitute “forward-looking statements”
under federal securities laws. Forward-looking statements are
subject to various risks, uncertainties and other factors that may
cause actual results to differ materially from those expected by
Worthington Enterprises. Readers should evaluate forward-looking
statements in the context of such risks, uncertainties and other
factors, many of which are described in Worthington Enterprises’
filings with the Securities and Exchange Commission (“SEC”).
Forward-looking statements are qualified by the cautionary
statements included in Worthington Enterprises’ SEC filings and
other public communications. This press release speaks only as of
the date hereof. Worthington Enterprises does not undertake any
obligation to update or revise its forward-looking statements
except as required by applicable law or regulation.
Sonya L. HigginbothamSenior
Vice PresidentChief of Corporate Affairs, Communications and
Sustainability614.438.7391sonya.higginbotham@wthg.com
Marcus A. RogierTreasurer and
Investor Relations Officer614.840.4663marcus.rogier@wthg.com
200 Old Wilson Bridge Rd.Columbus, Ohio 43085WorthingtonEnterprises.com
A photo accompanying this announcement is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/97e3ad40-d518-4217-b2dc-55f74ecd590a
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