Worthington Industries Finalizes ARITAS Purchase
January 24 2014 - 8:30AM
Marketwired
Worthington Industries Finalizes ARITAS Purchase
COLUMBUS, OH--(Marketwired - Jan 24, 2014) - Worthington
Industries, Inc. (NYSE: WOR) announced today that its Pressure
Cylinders segment has completed its acquisition of a 75 percent
stake in Aritas Basincli Kaplar Sanayi A.S. (ARITAS), one of
Europe's leading LNG (liquefied natural gas) and cryogenic
technology companies. The remaining 25 percent stake was retained
by the prior owners. Purchase price was approximately $36.6
million.
The new venture will be called Worthington-ARITAS. Andreas
(Andy) Lederer will lead the business as managing
director. Lederer was previously vice president of strategy
for Worthington's Pressure Cylinders business segment.
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 12 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 LNG, cryogenics and other pressure cylinders
businesses; the adaptability of technology for other markets;
increases to product lines and participation in markets;
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 the costs or difficulties related
to the integration of the business acquired are greater than
expected; the ability to adapt technology to other markets, the
ability to maintain relationships with customers of the acquired
business; the effect of conditions in Turkish, national and
worldwide financial markets; product demand and pricing; changes in
product mix, product substitution and market acceptance of the
Company's products; fluctuations in the 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
product 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 Turkish,
national, regional and worldwide economic conditions generally and
within major product markets, including a prolonged or substantial
economic downturn; 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; changes in customer
demand, inventories, spending patterns and supplier choices; 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; the risk of doing business in Turkey
or other foreign countries including the potential of adverse
changes in the political climate, terrorists activity or civil
unrest, currency fluctuations, differing cultures and local
business partners and other risks described from time to time in
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 200 Old Wilson Bridge Rd. Columbus, Ohio
43085 WorthingtonIndustries.com
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