COLUMBUS, Ohio, Jul 05, 2011 (BUSINESS WIRE) --
Worthington Industries, Inc. (NYSE:WOR) announced today that its
Pressure Cylinders segment has purchased the BernzOmatic business from
Irwin Industrial Tool Company, a subsidiary of Newell Rubbermaid. The
transaction was financed with the Company's revolving credit facility
and is expected to be immediately accretive.
BernzOmatic is a manufacturer and global marketer of hand-held torches,
solder, accessories and related products, sold in retail and
professional plumbing/ HVAC wholesale channels with strong brand
recognition. The acquisition of BernzOmatic assets, increases
Worthington's product mix, adds new products, such as solder and
accessories and provides an entrée into the plumbing wholesale channel,
currently sold under the Lenox brand, as well as international markets.
The acquisition also directly supports Worthington Cylinders'
established hand-held torch cylinder business. BernzOmatic operates two
manufacturing facilities, in Medina, N.Y. and Winston-Salem, N.C., and
had revenues of approximately $100 million in the 2010 calendar year.
"This acquisition accelerates our growth in the hand torch business with
an established retail brand and gives us access to additional
international distribution channels," said Worthington Industries
Chairman and CEO John McConnell.
"We can now offer customers the benefit and opportunity to purchase
Worthington's hand torch cylinder and the BernzOmatic hand torch and
accessories from the same manufacturer," said Harry Goussetis, president
of Worthington Cylinders. "In addition to its strong brand, BernzOmatic
has a history of product innovation. We anticipate enhancing that legacy
with our manufacturing capabilities and expertise to grow existing and
new product categories."
About Worthington Cylinders
Worthington Cylinders is the world's leading global manufacturer of
pressure cylinders, delivering products and value-added services to its
customers designed to exceed their expectations in quality, service and
value. Worthington Cylinders offers the most complete line of pressure
cylinders in the industry, including storage of liquefied petroleum,
refrigerant, oxygen and industrial gases. Balloon Time(R) and Worthington
Pro Grade(R) products are available at retailers nationwide and provide
consumers products for grilling, party planning, outdoor leisure
activities and home repair.
About Worthington Industries
Worthington Industries is a leading diversified metals manufacturing
company with 2011 fiscal year sales of approximately $2.4 billion. The
Columbus, Ohio based company is North America's premier value-added
steel processor; a leader in manufactured pressure cylinders, such as
propane, oxygen and helium tanks, hand-held torches, refrigerant and
industrial tanks, camping cylinders, compressed natural gas storage
cylinders and scuba tanks; framing systems and stairs for mid-rise
buildings; steel pallets and racks; and through joint ventures,
suspension grid systems for concealed and lay-in panel ceilings, laser
welded blanks; light gauge steel framing for commercial and residential
construction; and current and past model automotive service stampings.
Worthington, including its joint ventures employs approximately 8,000
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 expected benefits of
the acquisition including the expectations for accretiveness, synergies
and growth; expected growth of the pressure cylinder business; increases
to product lines; 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,
within major markets 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 facilities 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 import 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
E-mail: cmlyttle@WorthingtonIndustries.com
or
Sonya L. Higginbotham, 614-438-7391
Director, Corporate Communications
E-mail: slhiggin@WorthingtonIndustries.com
or
www.WorthingtonIndustries.com