Minority Business Enterprise Will Enter Steel Rack Fabrication
Market
COLUMBUS, Ohio--(BUSINESS WIRE)--Nov. 13, 2007--Worthington
Industries (NYSE:WOR) announced today that its subsidiary, Worthington
Steelpac Systems, LLC, has acquired a 49 percent interest in LEFCO
Industries, LLC, a minority business enterprise (MBE). The resulting
joint venture will become LEFCO Worthington, LLC. In addition to
continuing LEFCO's existing products, the joint venture will
manufacture steel rack systems for a variety of industries, including
automotive and trucking.
LEFCO operates a manufacturing facility in Cleveland, Ohio, where
the company produces engineered wooden crates and specialty pallets.
Worthington Steelpac and LEFCO have been working in a strategic
alliance for the past two years to assess opportunities for an MBE
supplier in the steel rack fabrication market. With Steelpac on board,
the joint venture will now purchase tubular steel and fabricate metal
racks to facilitate the movement of equipment and parts in
manufacturing facilities.
"This investment gives us the opportunity to expand our customer
base and our rack business," said Don Pulver, vice president of
Worthington Steelpac. "LEFCO will give Steelpac the potential to
participate more broadly in the rack business by giving customers the
option to purchase from an MBE-certified rack supplier."
About Worthington Steelpac
Worthington Steelpac, a Worthington Industries company, operates a
manufacturing facility in Pennsylvania which designs and manufactures
reusable custom platforms, racks, and pallets made of steel for
supporting, protecting and handling products throughout the shipping
process for industries such as automotive, lawn and garden and
recreational vehicles. Steelpac is preparing to roll out its new metal
distribution pallet for handling and logistics after the first of the
year.
Worthington Industries is a leading diversified metal processing
company with annual sales of approximately $3 billion. The Columbus,
Ohio, based company is North America's premier value-added steel
processor and a leader in manufactured metal products such as metal
framing, metal ceiling grid systems, pressure cylinders, automotive
past model service stampings and laser welded blanks. Worthington
Industries and its subsidiaries employ more than 8,000 people and
operate 67 facilities in 10 countries.
About LEFCO Industries
Headquartered in Cleveland, Ohio, LEFCO Industries is a leading
manufacturer of wooden crates, specialty pallets and other custom
material handling products. The company also provides value added
services such as design, assembly and flexible packaging solutions,
offering superior cargo protection. Its customers include General
Dynamics, Parker Hannifin, the U.S. Navy and Lockheed Martin.
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.
CONTACT: Worthington Industries, Inc.
Media:
Cathy M. Lyttle, 614-438-3077
VP, Corporate Communications
E-mail: cmlyttle@WorthingtonIndustries.com
or
Investor:
Allison M. Sanders, 614-840-3133
Director, Investor Relations
E-mail: asanders@WorthingtonIndustries.com
or
www.WorthingtonIndustries.com
SOURCE: Worthington Industries