Worthington Industries to Acquire STAKO
September 30 2011 - 8:17AM
Business Wire
Worthington Industries, Inc. (NYSE:WOR) announced today that its
Pressure Cylinders segment has purchased the assets of STAKO, a
leading European producer of automotive liquefied propane gas (LPG)
tanks, located in Slupsk, Poland.
STAKO manufactures toroidal and cylindrical LPG tanks for
storage of liquid gas propane-butane mixture for engines in
passenger cars and commercial and delivery vehicles. The company
has also initiated production of compress natural gas (CNG)
composite and steel tanks used mainly for storage of compressed
methane used to fuel automotive vehicles and buses. Other composite
tanks are used for storage of compressed air for medicine,
aeronautics breathing air for fire fighters, scuba diving and
paintball. STAKO currently has 470 employees. Sales for the last 12
months were approximately $25 million USD.
“This acquisition expands our alternative fuels product offering
and gives us the broadest offering of alternative fuel tanks for
the automotive OEM and aftermarkets,” said Worthington Industries
Chairman and CEO John McConnell.
“STAKO is one of the world’s leading manufacturer of LPG auto
tanks and strengthens our manufacturing presence for the growing
global alternative fuels markets,” said Andy Billman, President,
Worthington Cylinders.
With the addition of these assets, Worthington Cylinders now
offers the broadest line of alternative fuel cylinders for storage
of high pressure CNG and LPG: Type I steel, Type II hoop-wrapped
steel, and Type III aluminum-lined/ composite reinforced. The
Company also has Type IV resin-lined/composite reinforced
technology that it intends to further develop for the automotive
industry. SCI, a recent Pressure Cylinders acquisition and a leader
in composite technology for the automotive industry, will be
working with STAKO to further develop this market.
About Worthington CylindersWorthington 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®
and Worthington Pro Grade® products are available at retailers
nationwide and provide consumers products for grilling, party
planning, outdoor leisure activities and home repair.
About Worthington IndustriesWorthington 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 74 facilities in 12
countries.
Safe Harbor StatementThe 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.
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