Worthington Industries Acquires Tempel Steel Company
December 01 2021 - 4:45PM
Worthington Industries, Inc. [NYSE: WOR] today announced that its
Steel Processing segment has completed its acquisition of Tempel
Steel Company, a leading global manufacturer of precision motor and
transformer laminations for the electrical steel market that
includes transformers, machine motors and electric vehicle (EV)
motors. The purchase price was approximately $255 million and adds
five manufacturing facilities located in Chicago, Canada, China,
India and Mexico.
“The addition of Tempel makes us a world leader in the rapidly
growing electrical steel market that includes transformers, machine
motors and electric vehicle motors,” said President and CEO Andy
Rose. “Tempel expands our sustainable mobility offerings beyond
lightweighting and hydrogen to more widely serve the global market
for hybrids, EVs and the electricity infrastructure needed to
support them. Tempel has a rich history and dedicated workforce and
we’re excited to officially welcome them to Worthington.”
The transaction, funded primarily with existing cash, includes
Tempel’s headquarters and manufacturing operations in Chicago with
additional manufacturing facilities in Burlington, Canada,
Changzhou, China, Chennai, India and Monterrey, Mexico and adds
1,500 employees.
About Worthington IndustriesWorthington
Industries (NYSE:WOR) is a leading industrial manufacturing company
pursuing its vision to be the transformative partner to its
customers, a positive force for its communities and earn
exceptional returns for its shareholders. For over six decades, the
Company has been delivering innovative solutions to customers
spanning industries such as automotive, energy, retail and
construction. Worthington is North America’s premier value-added
steel processor and producer of laser welded solutions and
electrical steel laminations that provide lightweighting, safety
critical and emission reducing components to the mobility market.
Through on-board fueling systems and gas containment solutions,
Worthington serves the growing global hydrogen ecosystem. The
Company’s focus on innovation and manufacturing expertise extends
to market-leading consumer products in tools, outdoor living and
celebrations categories, sold under brand names, Coleman®,
Bernzomatic®, Balloon Time®, Mag Torch®, Well-X-Trol®, General®,
Garden-Weasel®, Pactool International® and Hawkeye™; as well as
market leading building products, including water systems, heating
& cooling solutions, architectural and acoustical grid ceilings
and metal framing and accessories.
Headquartered in Columbus, Ohio, Worthington
operates 58 facilities in 16 states and nine countries, sells into
over 90 countries and employs approximately 9,500 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 transform,
Worthington is committed to providing better solutions for
customers and bettering the communities where it operates by
reducing waste, supporting community-based non-profits and
developing the next generations of makers.
Safe Harbor StatementWorthington Industries
wishes to take advantage of the Safe Harbor provisions included in
the Private Securities Litigation Reform Act of 1995 (the “Act").
Statements by Worthington Industries 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, 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, uncertainties
and impacts described from time to time in Worthington Industries’
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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