Worthington Industries Announces New Reporting Segments
June 10 2021 - 4:05PM
Worthington Industries, Inc. (NYSE:WOR) today announced that the
Company divided its Pressure Cylinders segment into three new
reporting segments: Consumer Products, Building Products and
Sustainable Energy Solutions, effective June 1, 2021, the start of
the Company’s new fiscal year. The three new reporting segments are
in addition to its Steel Processing segment.
“The new reporting structure is a natural evolution of our
business strategy as we have aligned around several attractive
markets over the last few years to reshape the business for
increased earnings growth,” said President and CEO Andy Rose.
“This change will enable our leadership teams to build and execute
better, more focused strategies while providing increased
transparency for investors. As we allocate capital to high return
opportunities in these end markets, we will continue to leverage
Transformation, Innovation and M&A to drive additional
value.”
Consumer Products is comprised of brands that
offer market-leading products in the tools, outdoor living and
celebrations end-markets with brands that include Coleman®,
Bernzomatic®, Balloon Time®, Mag Torch®, General®, Garden-Weasel®,
Pactool International® and Hawkeye™.
Building Products has market-leading positions
in commercial and residential construction products, water systems,
heating & cooling solutions and other specialty
offerings. The Building Products segment results will also
now include equity income from the Company’s commercial
construction joint ventures WAVE and ClarkDietrich.
Sustainable Energy Solutions, based in Europe,
is dedicated to offering on-board fueling systems and services, as
well as gas containment solutions and services for the storage,
transport and distribution of industrial gases, supporting the
growing hydrogen ecosystem and adjacent sustainable energies like
compressed natural gas.
Steve Caravati has been named president of Consumer Products
continuing his role leading the consumer products business unit.
Eric Smolenski, previously president of Pressure Cylinders, will
continue as president of Building Products and Sustainable Energy
Solutions. Timo Snoeren, previously general manager of the
Company’s European high-pressure cylinders business will lead the
development of the Sustainable Energy Solutions business as vice
president and John H. McConnell II, previously business director of
the North American high pressure cylinders business, will fill a
new role as vice president of global business development, working
closely with Snoeren, to build out the global strategy and
footprint in the sector, both reporting to Smolenski.
The Company will begin reporting results under the new segment
structure in the first quarter of fiscal 2022, which began June 1,
2021 and ends August 31, 2021. Comparative prior periods will also
be updated to reflect the new segment structure. A presentation
with more information on the new segmentation can be found on the
investor relations section of the Company’s website.
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 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, uncertainties and impacts 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.
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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