Worthington Industries Acquires Shiloh’s U.S. BlankLight® Business
June 08 2021 - 4:15PM
Worthington Industries, Inc. (NYSE:WOR) today announced the
acquisition of certain assets of Shiloh Industries’ U.S.
BlankLight® business, a leading provider of laser welded solutions
that deliver material savings, weight and cost reductions and
increased fuel efficiency to the mobility market. The acquisition
expands the capacity and capabilities of Worthington’s laser welded
products joint venture, TWB Company, LLC, with the addition of
three facilities and adds a blanking facility to its Steel
Processing business.
“The demand for tailor welded blanks and lightweighting
technology is growing and the acquisition of these Shiloh assets
allows us to support that growth while adding new capabilities,”
said Worthington Industries Executive Vice President and COO Geoff
Gilmore. “Shiloh’s BlankLight expertise in curvilinear and aluminum
welded blanks adds to TWB’s wide range of tailor welded products,
creating more value and innovation for our customers.” Gilmore
added, “It also broadens our relationships with key automotive
customers and expands the geographic reach of our Steel Processing
business through an additional blanking operation.”
The transaction adds approximately 200 employees and four
facilities located in Bowling Green, Ky., Canton, Mich. and two in
Valley City, Ohio. TWB will operate the laser welded
blank facilities in Ohio and Michigan. The Kentucky facility will
operate under Worthington’s Steel Processing business, expanding
the blanking services currently provided from its Monroe, Ohio and
Porter, Ind. facilities.
The purchase price was approximately $105 million, subject to
closing adjustments. In calendar year 2020, the acquired assets
generated net revenue of $170.5 million and adjusted EBITDA of
$20.5 million.
A presentation with more information on the acquisition can be
found on the investor relations section of the Company’s
website.
About TWB Company, LLCTWB is North America’s
market leader for tailor welded products with eight locations in
Kentucky, Michigan, Tennessee, Ontario and Mexico. Formed in 1992,
TWB Company is a joint venture between Worthington Industries and
BAOSteel, with Worthington holding majority ownership. TWB’s
financial results are consolidated within Worthington’s Steel
Processing business segment. More information about TWB can be
found at www.TWBCompany.com.
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 53 facilities in 15 states and seven countries, sells into
over 90 countries and employs approximately 8,000 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 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, including the overall success of, and the ability to
integrate, newly-acquired businesses and joint ventures, maintain
and develop their customers, and achieve synergies and other
expected benefits and cost savings therefrom. 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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