COLUMBUS, Ohio, Nov 30, 2005 (BUSINESS WIRE) -- Dietrich Metal Framing, a Worthington Industries company
(NYSE:WOR), today announced that it has acquired the remaining 40
percent equity interest in Dietrich Metal Framing Canada, its Canadian
metal framing joint venture, from its partner Encore Coils.
The joint venture was formed in November 2004 as a platform to
provide Dietrich's light gauge steel framing, proprietary products,
building systems and services to the Canadian construction market.
In the twelve months since formation, Dietrich Metal Framing
Canada established manufacturing facilities in Mississauga, a suburb
of Toronto; Burnaby, a suburb of Vancouver and Montreal. Each facility
is equipped with the latest, high speed roll forming and processing
technology. An additional facility is being considered for Alberta.
"We appreciate Encore's contribution and their help in the
aggressive development and start-up of our three new Canadian
manufacturing facilities," said Ed Ponko, President of Dietrich Metal
Framing. "Making the operations a wholly-owned subsidiary is a natural
progression to complement our customer strategy for North America. We
are pleased with the progress and our ability to serve our loyal
Canadian customers from local facilities."
"Being able to work with the market leader in light gauge metal
framing was very rewarding," said Roger Wild, Executive Vice President
of the Encore Group. "We enjoyed the relationship - mission
accomplished."
Dietrich Metal Framing is the largest manufacturer of steel
framing products in the United States. Dietrich's 2,000 employees in
27 facilities use state-of-the-art equipment and in-house metallurgic
labs to ensure superior product performance and competitive prices.
Dietrich Metal Framing, founded in 1959, is a Worthington Industries
Company.
Headquartered in Edmonton, Alberta, Encore Coils offers slitting,
blanking, decoiling and inventory management services from facilities
in Edmonton and Calgary, Alberta; Kelowna and Surrey, British
Columbia; Saskatoon, Saskatchewan; and Winnipeg, Manitoba. Encore was
formed after the acquisition of the North American specialty metals
and carbon flat-rolled steel distribution businesses of Corus in March
2004. The specialty metals business was renamed Encore Metals and the
flat-rolled steel business became Encore Coils.
Safe Harbor Statement
The 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 described from time to time in the company's filings with the
Securities and Exchange Commission.
Worthington Industries, Inc.
Corporate Communications:
Cathy Mayne Lyttle, 614-438-3077
cmlyttle@WorthingtonIndustries.com
or
Investor Relations:
Allison McFerren Sanders, 614-840-3133
asanders@WorthingtonIndustries.com
SOURCE: Worthington Industries, Inc.