Customized Cab Business Will Operate as New Segment
COLUMBUS, OH, Jan 03, 2012 (MARKETWIRE via COMTEX) --Worthington Industries (NYSE: WOR) announced today that the Company
has acquired the stock of Angus Industries, based in Watertown, S.D.
Angus designs and manufactures high-quality, custom-engineered open
and enclosed cabs and operator stations for a wide range of heavy
mobile equipment in several end-markets, including agriculture,
construction and mining. In addition to its South Dakota
headquarters, the company operates facilities in Northwood, Iowa,
Greeneville, Tenn. and Florence, S.C., with approximately 1,250
non-union employees.
"Angus is a great addition, providing a new manufacturing segment for
our Company," said John McConnell, Chairman and CEO. "They are a good
fit with our strategic objective to decrease earnings volatility and
bring higher value-added manufacturing. Additionally, they are a
market leader in the custom-engineered cab space and our companies
have similar people first cultures. They have a dedicated workforce
and a great management team with a focus on continuous improvement."
McConnell added, "We are also pleased that we share some significant
customers, while providing different products and services. The Angus
end-markets will increase our presence in the construction,
agriculture and mining industries. We see opportunities to invest in
the business by adding domestic capacity, expanding some
capabilities, as well as targeting international expansion to support
customer growth."
Angus had over $200 million in revenue in 2011, and the acquisition
is expected to be accretive to earnings in its first year. The Angus
engineering team works closely with customers providing new product
design and testing. It also fills key project management roles from
the initial design phase, to prototyping, testing, and tooling,
through final manufacturing and delivery of finished product.
Manufacturing capabilities include laser cutting, metal forming,
rolled-tube bending, curving, machining, robotic welding, e-coating,
painting and assembly. Angus will operate as a stand-alone business
segment, Engineered Cabs, in the Worthington Industries portfolio of
businesses.
Worthington purchased Angus for $180 million in cash funded through
its revolving credit facility, and proceeds from a $50 million
special dividend recently received from its WAVE joint venture.
Post-closing, Worthington has approximately $568 million of funded
debt and availability under its revolving credit facilities of $184
million.
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 8,500 people and
operates 76 facilities in 12 countries.
About Angus Industries
Angus Industries was founded in 1969, and is
headquartered in Watertown, S.D., with operations in Northwood, IA,
Greeneville, Tenn., and Florence, S.C., with approximately 1,250
non-union employees. Angus Industries is the market leader in the
design and manufacturing of high-quality, custom-engineered operator
cabs for heavy mobile equipment. Angus' products represent a highly
technical and regulated component of mobile equipment that helps keep
operators protected, comfortable and productive. Products range from
cabs for small utility equipment to the largest earthmovers in the
world.
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 related to potential growth
and growth opportunities, continuous improvement, increased capacity
and capabilities, international expansion, accretiveness to earnings
and other statements 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,
without limitation, the overall success of, and the ability to
integrate, newly-acquired businesses and achieve synergies and other
expected benefits therefrom; changes in customer demand, outsourcing
decisions, spending patterns, product choices, and supplier choices;
the effect of economic conditions generally and within major product
markets; the effect of conditions in national and worldwide financial
markets; product demand and pricing; changes in product mix, product
substitution and market acceptance of the products; fluctuations in
the pricing, quality or availability of raw materials, supplies,
transportation, utilities and other items required by operations; the
effect of financial difficulties, consolidation and other changes
within the industries in which the Company participates; financial
difficulties of end-users and customers; the effect of disruption in
the business of suppliers, customers, facilities and shipping
operations due to adverse weather, casualty events, equipment
breakdowns, acts of war or terrorist activities or other causes;
risks associated with doing business internationally; adverse claims
experience, casualty events or other matters; and other risks
described from time to time in the Company's filings with the United
States Securities and Exchange Commission.
CONTACTS:
Cathy M. Lyttle
VP, Corporate Communications and Investor Relations
Phone: (614) 438-3077
E-mail: Email Contact
Sonya L. Higginbotham
Director, Corporate Communications
Phone: (614) 438-7391
E-mail: Email Contact
SOURCE: Worthington Industries, Inc.
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