COLUMBUS, Ohio, May 05, 2011 (BUSINESS WIRE) --
Worthington Industries, Inc. (NYSE:WOR) announced today that the Company
signed an agreement with International Tooling Solutions, LLC (ITS) to
combine its automotive body panels subsidiary, The Gerstenslager
Company, with ITS, a tooling design and build company, in a newly formed
50/50 joint venture. The joint venture, ArtiFlex Manufacturing, LLC,
will offer an integrated solution for engineering, tooling, stamping and
assembly. The parties anticipate the transaction will close later this
month.
"This joint venture will enhance our ability to provide more value to
our customers by offering additional capabilities and streamlining
services," John McConnell, Chairman and CEO of Worthington Industries
said. "ITS and Worthington have similar employee and customer focused
operating philosophies, and we believe combining these operations will
lead to a stronger business platform."
"The combination of ITS and Gerstenslager into ArtiFlex Manufacturing
allows us to enhance our offering of world class tooling and stamping
capabilities, as well as our rapidly growing Ultra Low Volume Die and
Assembly (ULVD/A) solutions for low volume production needs," said Erin
Hoffmann, owner and president of International Tooling Solutions. "This
innovative solution dramatically reduces our customers' capex and lead
time required to bring new products to the market in a more
cost-effective manner."
ArtiFlex will provide the quality and services that customers have come
to expect from ITS and Gerstenslager. Growth initiatives will center on
the low volume stamped products market including the niche Original
Equipment (OE) vehicle production business. Gerstenslager and ITS have
been working together through a co-marketing initiative over the last
year with significant success due to the innovative ULVD/A solution.
ArtiFlex Manufacturing will operate five manufacturing facilities in
Frankfort, Ky.; Grand Rapids, Mich. (two locations); and Clyde and
Wooster, Ohio. Current ITS Owner and President Erin Hoffmann will lead
the new joint venture. More information available at www.ArtiFlexmfg.com.
About International Tooling Solutions, LLC (ITS)
ITS designs, engineers, builds, and services metal stamping dies. It
also provides metal stampings primarily for the automotive, military,
lawn & garden and heavy truck & bus markets. The company specializes in
low cost production of Ultra Low Volume Dies and Assembly (ULVD/A). ITS
was founded in 2003 when the company acquired the assets of Maghielse
Tool Corp. In 2007, the company began offering tooling designed in Grand
Rapids Mich., and manufactured through a closely integrated supplier
network in South Korea and China. ITS operates from three facilities,
two in Grand Rapids, Mich., and one in Frankfort, Ky. with 120 employees.
About The Gerstenslager Company
Founded over 150 years ago as a carriage manufacturer, The Gerstenslager
Company, a Worthington Industries Company, today is a major supplier of
current and past model automotive service stampings and assemblies.
Gerstenslager specializes in blanking, stamping, assembly, e-coat,
packaging, warehousing and distribution. The company employs 630 in its
state-of-the-art manufacturing facilities located in Wooster and Clyde,
Ohio.
About Worthington Industries
Worthington Industries is a leading diversified metals manufacturing
company with 2010 fiscal year sales of approximately $1.9 billion. The
Columbus, Ohio based company is North America's premier value-added
steel processor and a leader in manufactured pressure cylinders, such as
propane, oxygen and helium tanks, hand torches, refrigerant and
industrial cylinders, camping cylinders, and scuba tanks; framing
systems and stairs for mid-rise buildings; current and past model
automotive service stampings; steel pallets and racks; and through joint
ventures, suspension grid systems for concealed and lay-in panel
ceilings, laser welded blanks, compressed natural gas storage cylinders,
and light gauge steel framing for commercial and residential
construction. Worthington employs approximately 7,000 people and
operates 74 facilities in 11 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 formation of the joint
venture and its expected strength, profitability, operations, benefits
and opportunities, capabilities, services, 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: failure to reach definitive agreements;
difficulties in integrating the businesses and achieving cost savings,
and other expected benefits in the joint venture; demand, pricing,
competition, and overall economic and business conditions in the
construction industry, and those 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
E-mail: cmlyttle@WorthingtonIndustries.com
or
Sonya L. Higginbotham, 614-438-7391
Director, Corporate Communications
E-mail: slhiggin@WorthingtonIndustries.com
or
www.WorthingtonIndustries.com