COLUMBUS, Ohio--(BUSINESS WIRE)--Dec. 19, 2008--Worthington Industries, Inc. (NYSE: WOR) announced today that its
subsidiary, Dietrich Metal Framing, has signed an agreement to sell its
share of Aegis Metal Framing for approximately $25 million to its
partner, MiTek Industries, Inc. The joint venture began operations in
February of 2002. MiTek Industries, Inc. is a subsidiary of Berkshire
Hathaway, Inc. (NYSE: BRK.A).
Aegis Metal Framing provides building component manufacturers with a
full line of metal framing products that are integrated with
engineering, whole-structure design, estimating and management software.
Certain dedicated Aegis production lines from Dietrich facilities in
Rockhill, S.C., and Hammond, Ind., are included in the sale and will be
transferred to a designated MiTek facility. The equipment transfer will
be staged over the first six months of calendar year 2009.
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 approximately 7,500 and operate 68 facilities
in 10 countries.
Founded in 1955, the company operates under a long-standing corporate
philosophy rooted in the golden rule, with earning money for its
shareholders as the first corporate goal. This philosophy, an unwavering
commitment to the customer, and one of the strongest employee/employer
partnerships in American industry serve as the company's foundation.
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 Commissions.
CONTACT: Worthington Industries, Inc.
Media Contact:
Cathy M. Lyttle, 614-438-3077
VP, Corporate Communications
cmlyttle@WorthingtonIndustries.com
or
Investor Contact:
Allison M. Sanders, 614-840-3133
Director, Investor Relations
asanders@WorthingtonIndustries.com
Source: Worthington Industries, Inc.