Worthington Industries to Acquire Bakken Oilfield Storage Tank Manufacturer
March 28 2014 - 8:56AM
Marketwired
Worthington Industries to Acquire Bakken Oilfield Storage Tank
Manufacturer
COLUMBUS, OH--(Marketwired - Mar 28, 2014) - Worthington
Industries, Inc. (NYSE: WOR) today announced that it has reached an
agreement to acquire the tank manufacturing division of Steffes
Corporation. Steffes manufactures oilfield storage tanks for
customers drilling in the Bakken shale and Williston Basin region
out of a manufacturing facility located in Dickinson, N.D. The
business generated $25 million in revenue in 2013. Terms of
the deal were not disclosed.
"This acquisition complements our strategy to grow the energy
business by adding to our geographical reach, so we can serve
customers in the east, central and now the important northwest
region of the U.S.," said Andrew Billman, President of the
Worthington Industries cylinder business. "The Bakken is one
of the most oil rich areas in the country with significant drilling
taking place. We anticipate adding capacity to the operations
and strengthening our energy platform with this acquisition."
Steffes started its tank division in 2007 and currently employs
35 employees at the facility. The steel tanks are primarily
for oil and salt water storage and range in size from 100-500
bbl. The addition of the North Dakota facility will complement
Worthington's existing operations in Ohio and Kansas that
manufacture steel and fiberglass storage tanks, gas separators, gas
production units and related wellhead equipment for oil and gas
exploration customers in the Marcellus, Utica, Bakken and
Mid-Continent regions.
About Worthington Industries Worthington Industries is a leading
diversified metals manufacturing company with 2013 fiscal year
sales of $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 propane, oxygen, refrigerant
and industrial cylinders, hand torches, camping cylinders, scuba
tanks, compressed natural gas storage cylinders, industrial
cryogenics tanks, helium balloon kits and exploration, recovery and
production tanks for global energy markets; custom-engineered open
and enclosed cabs and operator stations for heavy mobile equipment;
laser welded blanks; steel pallets and racks; and through joint
ventures, suspension grid systems for concealed and lay-in panel
ceilings, current and past model automotive service stampings and
light gauge steel framing for commercial and residential
construction. Worthington employs approximately 10,000 people and
operates 82 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 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 risks described from time to time in the
Company's filings with the 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
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