Worthington Specialty Processing Announces Consolidation of Operations
March 19 2020 - 9:00AM
Worthington Specialty Processing (WSP), a joint venture between
Worthington Industries, Inc. (NYSE: WOR) and United States Steel
Corporation (NYSE: X), today announced a plan to consolidate its
operations. Under the consolidation plan, WSP will close its
Canton, Mich., facility. Its two remaining facilities in Jackson
and Taylor, Mich. will continue to operate. The closure of the
Canton operation is expected to be complete by May 29, 2020. WSP
processes wide-sheet steel primarily for the auto industry.
“Closing the Canton facility and consolidating
operations is a move to bolster the ongoing competitiveness of
WSP,” said Jeff Klingler, president of Worthington’s Steel
Processing business. “We understand this can be a difficult time
for employees and do not make these decisions lightly. Employees
are encouraged to apply for open positions at Worthington
facilities in the area. We will work with all employees to provide
transitional services.”
WSP Canton has 91 employees. Approximately 66
positions will be impacted by the closure. The remaining positions
provide centralized support services for WSP and will be moved to
either Jackson or Taylor. WSP intends to sell the
195,000-square-foot processing center and the 250,000-square-foot
distribution center located on Canton’s 30-acre property, as well
as most of Canton’s fixed assets.
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®
and Well-X-Trol®. Worthington’s WAVE joint venture with Armstrong
is the North American leader in innovative ceiling solutions.
Headquartered in Columbus, Ohio, Worthington operates 57 facilities
in 15 states and six countries, sells into over 90 countries and
employs approximately 9,000 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 the expected closure timing
and its ability to consolidate operations, improve competitiveness
and sell facilities and assets, 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.
Contacts: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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