Company Partners With Magnetto Group
COLUMBUS, Ohio--(BUSINESS WIRE)--Aug. 20, 2007--Worthington
Industries, Inc. (NYSE:WOR) announced today that its Worthington Steel
Company has signed an agreement to form a joint venture with The
Magnetto Group to operate a steel processing facility in Kosice,
Slovakia. The transaction is expected to close in September with
operations beginning shortly thereafter. Class 1 steel processing
services such as slitting, blanking and cutting-to-length will be
performed for customers throughout central Europe.
"This joint venture aligns with our stated goal of growing our
steel processing business beyond its current geographic boundaries.
This will be our first European steel processing operation, and we are
fortunate to be partnering with the highly regarded Magnetto Group.
Worthington has a long history of successful joint venture
partnerships," said John P. McConnell, Chairman and CEO of Worthington
Industries.
Worthington Steel, a Worthington Industries company, is one of
America's largest independent steel processors of flat-rolled steel.
Operating 12 facilities across the United States, the company offers
the widest range of services in the industry, including acrylic
coating, cleaning, cold-rolling, configured blanking,
cutting-to-length, dry lubricating, edging, galvannealing, hot-dipped
galvanizing, hydrogen annealing, pickling, slitting, stainless steel,
temper rolling and tension leveling.
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 stamping and laser welded blanks. Worthington
Industries and its subsidiaries employ more than 8,000 people and
operate 64 facilities in 10 countries.
The Magnetto Group is a leading European manufacturer with sales
of 1.5 billion Euros. The Turin, Italy, based company is a leader in
the distribution of flat-rolled steel products and steel services,
wheel production, automotive stampings and assembly. The company
recently entered the construction industry with the design,
fabrication and assembly of bodywork components for construction
equipment, industrial vehicles, trucks and buses. Founded in 1948,
Magnetto has more than 30 production sites in three continents and
more than 7,000 employees.
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, Inc.