Worthington Industries Acquires German Valve and Component Company
January 07 2021 - 8:30AM
Worthington Industries Inc. (NYSE: WOR) today announced the
acquisition of PTEC Pressure Technology GmbH, a leading independent
designer and manufacturer of valves and components for
high-pressure hydrogen and compressed natural gas (CNG) storage,
transport and onboard fueling systems, based in Germany.
“Our purchase of PTEC adds to our investments in the growing
sustainable mobility markets and expands our systems capabilities
to provide more comprehensive solutions to our customers,” said
Worthington Industries Pressure Cylinders President Eric
Smolenski. “Bringing PTEC’s innovative products and proven
track record with vehicle manufacturers into the Worthington family
of products will streamline the supply chain and further fuel
innovations for the hydrogen and CNG economy.”
Worthington is adding products that are adjacent to its core
pressure cylinders business, providing more comprehensive systems
for the storage, transport and use of alternative fuels like
hydrogen and CNG. The Company’s strategy is to be a leading
solutions provider in the rapidly growing hydrogen economy,
particularly in Europe where strict, mandated emissions reductions
are accelerating growth. In addition to the Company’s existing
composite cylinder production facility in Poland, to meet projected
demand, the Company has also constructed a type III and IV hydrogen
cylinders production line at its facility in Kienberg, Austria.
The purchase of PTEC adds 11 employees and an engineering and
manufacturing facility located in Burscheid, Germany, to
Worthington’s global network.
About Worthington IndustriesWorthington
Industries Europe serves the sustainable mobility markets with
gas-storage, transport and onboard fueling systems for cars, buses,
trucks and more. Worthington incorporates sustainable practices
into its long-term business strategy and is the first in its
industry to bring Cradle to Cradle Certified™ products to market.
The Company is the largest designer and manufacturer of pressure
vessels in Europe with over 1,600 employees working at facilities
in Austria, Poland and Portugal. With the lightest composite and
steel low- and high-pressure cylinders available, Worthington
Europe designs and makes solutions for alternative fuels,
industrial gases, and technical gases.
Worthington 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® and Well-X-Trol®.
Worthington’s WAVE joint venture with Armstrong is the North
American leader in innovative ceiling solutions.
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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