Dietrich’s Canadian Assets Sold, Distribution & Licensing Agreements
Established
COLUMBUS, Ohio--(BUSINESS WIRE)--Nov. 2, 2009--
Worthington Industries, Inc. (NYSE:WOR) announced today that its metal
framing business has formed a strategic alliance with Bailey Metal
Products Limited that includes the sale of its Dietrich Canada
subsidiary to Bailey. The agreement, effective immediately, between the
companies names Bailey the exclusive distributor of Dietrich’s
proprietary and vinyl products in Canada. Bailey will license its paper
faced metal corner bead product to Dietrich to manufacture and sell in
most of the United States.
“The alliance with Bailey will allow us to focus our sales efforts on
the U.S. market while broadening our product reach in Canada,” said John
Roberts, president of Dietrich Metal Framing. “We look forward to
utilizing our existing facilities and distribution channels to benefit
both companies.”
Angelo Sarracini, president of Bailey Metal Products Limited stated, “We
believe this exciting alliance between Bailey and Dietrich will
translate into improved customer value and enhance the development of
metal framing in North American construction markets.”
The sale of Dietrich Canada includes two manufacturing facilities
located in Burnaby, British Columbia and Mississauga, Ontario and two
sales and distribution centers located in LaSalle, Quebec and Edmonton,
Alberta, employing 61 people in total.
The distribution agreement gives Bailey exclusive distribution in Canada
of Dietrich’s proprietary products including all clips, slotted track,
TradeReady® and vinyl products, including stucco & plaster, drywall
veneer and EIFS & DEFS accessories. Dietrich will hold the license to
manufacture and sell Bailey’s paper faced metal corner bead product line
in most of the United States.
About Dietrich Metal Framing
Dietrich Metal Framing is the largest manufacturer of steel framing
products in the United States. Dietrich’s employees 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.
About Worthington Industries
Worthington Industries is a leading diversified metal processing company
with annual sales of approximately $2.6 billion. The Columbus, Ohio
based company is North America’s premier value added steel processor and
a leader in manufactured metal products such as light gauge steel
framing for commercial and residential construction; framing systems and
stairs for mid-rise buildings; pressure cylinder products such as
propane, oxygen and helium tanks, hand torches, camping cylinders, and
scuba tanks; current and past model automotive service stampings; metal
ceiling grid systems; steel pallets and racks; and laser welded blanks.
Worthington employs approximately 6,400 people and operates 63
facilities in 10 countries.
About Bailey Metal Products Limited
Bailey Metal Products is the largest manufacturer of steel framing
products in Canada, manufacturing and distributing a complete line of
wall, floor and roof assemblies. In addition to its metal framing
operations, the company operates three steel service centers which
support its core manufacturing. Bailey is a family controlled business
with operations beginning in 1950, and has eight divisions in B.C.,
Alberta, Ontario and Quebec.
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.
Source: Worthington Industries, Inc.
Worthington Industries, Inc.
Cathy M. Lyttle, 614-438-3077
VP,
Corporate Communications and Investor Relations
E-mail: cmlyttle@WorthingtonIndustries.com
or
Sonya
L. Higginbotham, 614-438-7391
Director, Corporate Communications
E-mail:
slhiggin@WorthingtonIndustries.com