Company Partners with Serviacero
COLUMBUS, Ohio--(BUSINESS WIRE)--Aug. 20, 2007--Worthington
Industries (NYSE:WOR) announced today that its Worthington Steel
Company has signed an agreement to acquire a 50% interest in privately
held Serviacero Planos. The joint venture, to be known as Serviacero
Worthington, will own and operate two existing Serviacero Planos steel
service centers in Leon and Queretaro in central Mexico. These
facilities offer steel processing services such as slitting,
multi-blanking and cutting-to-length to automotive, appliance and
electronics related customers. Annual sales for the joint venture are
expected to be approximately $125 million initially.
"This joint venture aligns with our stated goal of expanding our
steel processing business beyond its current geographic boundaries
into higher growth markets," said Mark Russell, Worthington Steel
President. "By joining with Serviacero, we will be able to immediately
offer steel processing services to an increasing number of customers
with current and expanding operations in Mexico. Worthington has a
long history of successful joint ventures and we welcome the addition
of Serviacero to this group."
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.
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