Expands Cylinder Product Line
COLUMBUS, Ohio--(BUSINESS WIRE)--Sep. 4, 2009--
Worthington Industries, Inc. (NYSE:WOR) announced today that its
Worthington Cylinders business segment has purchased Structural
Composites Industries, LLC (SCI).
SCI is a leading manufacturer of DOT-approved lightweight,
aluminum-lined, composite-wrapped high pressure cylinders used in
commercial, military, marine and aerospace applications. Product lines
include cylinders for alternative fuel vehicles using natural gas or
hydrogen, self-contained breathing apparatus (SCBA), aviation oxygen and
escape slides, military applications, home oxygen therapy, and advanced
& cryogenic structures.
SCI is located in Pomona, Calif., and has approximately 150 employees.
Revenues were approximately $36 million in calendar year 2008. The
transaction is expected to be modestly accretive in the first year.
“With this acquisition we continue to execute on our strategy to grow
the pressure cylinder business, with a focus on broadening the portfolio
beyond its original, core markets,” said Worthington Industries Chairman
and CEO, John P. McConnell.
“SCI’s expertise in manufacturing composite cylinders and their strong
management team are the perfect complement to our existing steel and
aluminum product lines,” said Harry Goussetis, President of Worthington
Cylinders. “This business is our entry into weight critical applications
and it will expand our opportunities in the faster growing alternative
fuels and SCBA sectors.”
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 $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 61
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 relating to the expected benefits of
the acquisition including the 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.
www.WorthingtonIndustries.com
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