COLUMBUS, Ohio--(BUSINESS WIRE)--Jun. 1, 2009--
Worthington
Industries, Inc. (NYSE:WOR) announced today that it has purchased
the assets related to the business of Piper Metal Forming Corporation,
U.S. Respiratory, Inc. and Pacific Cylinders, Inc.
Piper is a leading manufacturer of aluminum high pressure cylinders, and
impact extruded steel and aluminum parts, serving the medical,
automotive, defense, oil services and other commercial markets, with one
manufacturing location in New Albany, Miss. U.S. Respiratory provides
value-added assembly and distribution of Piper’s medical cylinder
products. Pacific Cylinders provides West Coast distribution from
Diamond Springs, Calif.
The revenues of this group were approximately $30 million for the last
calendar year. These assets will be included in Worthington’s Pressure
Cylinders business segment. The transaction is expected to be
modestly accretive in the first year.
“This transaction represents a natural extension of our focus on growing
our highly successful pressure cylinder business,” said Worthington’s
Chairman and Chief Executive Officer, John P. McConnell. Harry
Goussetis, President of Worthington Cylinders, added, “The products and
markets served by Piper complement our presence in the cylinder market.
While we currently manufacture a broad range of cylinders, the new
aluminum products increase our line of industrial gas product offerings
and present an opportunity to participate in the growing medical market.”
This transaction is expected to close within thirty days subject to
normal closing conditions.
About Worthington Cylinders
Worthington
Cylinders is the world’s leading global supplier of pressure
cylinders, continually delivering solutions to its customers while
exceeding their expectations in quality, service and value. Worthington
Cylinders offers the most complete line of pressure cylinders in the
industry, including liquefied petroleum; refrigerant and industrial gas
cylinders, airbrake tanks and consumer products.
About Worthington Industries
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, pressure
cylinders, automotive past model service stampings, metal ceiling grid
systems and laser welded blanks. Worthington employs approximately 7,000
people and operates 60 manufacturing 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 relating to the expected benefits of
the acquisition including the expectation for it to be accretive;
expected growth of the pressure cylinder business; increases to product
lines; or opportunities to participate in certain markets; and other
non-historical matters constitute "forward looking statements" within
the meaning of the Act. Because they are based on beliefs, estimates and
assumptions, forward-looking statements are inherently subject to risks
and uncertainties that could cause actual results to differ materially
from those projected. Any number of factors could affect actual results,
including, without limitation: the possibility that costs or
difficulties related to the integration of the business acquired are
greater than expected; the ability to maintain relationships with
customers of the acquired business; product demand and pricing, changes
in product mix and market acceptance of products; fluctuations in
pricing, quality or availability of raw materials, supplies, utilities
and other items required by operations; the ability to realize price
increases, cost savings and operational efficiencies on a timely basis;
capacity levels and efficiencies within facilities and within the
industry as a whole; financial difficulties of customers, suppliers,
joint venture partners and others with whom the company does business;
the effect of national, regional and worldwide economic conditions
generally and within major product markets, including a prolonged or
substantial economic downturn; the effect of adverse weather on facility
and shipping operations; changes in customer spending patterns and
supplier choices; acts of war and terrorist activities; the ability to
improve processes and business practices to keep pace with the economic,
competitive and technological environment; deviation of actual results
from estimates and/or assumptions used by the company; the level of
imports and import prices in the company’s markets; the impact of
governmental regulations, both in the United States and abroad; and
other risks described from time to time in filings with the United
States Securities and Exchange Commission.
Source: Worthington Industries, Inc.
Worthington Industries, Inc.
Cathy M. Lyttle, 614-438-3077
VP,
Corporate Communications and Investor Relations
cmlyttle@WorthingtonIndustries.com
or
Sonya
L. Higginbotham, 614-438-7391
Director, Corporate Communications
slhiggin@WorthingtonIndustries.com