The two companies believe the joint venture will significantly expand the use of
computer designed, pre-fabricated light gauge all-metal roof, floor and wall
framing systems in commercial, institutional and residential construction.
The new company, to be named Aegis Metal Framing, will leverage the
industry-leading manufacturing, marketing and technical capabilities of Dietrich
and the world-class software, engineering and product development efforts of
MiTek. The result will be a new company focused on providing light gauge all
metal component manufacturers and contractors with the widest array of products
and services, including Dietrich's unique Trade Ready(R) floor system and
MiTek's Ultra-Span(R) light gauge steel truss system.
The core of the venture's technical offering will be the MiTek 20/20 suite of
light gauge steel framed roof and floor estimating and design software. This
state-of-the-art software package will be expanded to include the light gauge
wall framing design and panelization processes, eventually incorporating
complete-structure analysis. "The metal framing industry has been seeking such a
comprehensive solution for years," said Ed Ponko, President of Dietrich Metal
Framing. "Aegis will provide a tremendous leap in value in all aspects of the
construction process, from specification all the way through shell framing and
enclosure. By streamlining the design process and controlling variability
through software, Aegis will enable customers to produce a new standard in
pre-fabricated, turn-key systems."
Gene Toombs, CEO of MiTek, explained the advantages the new joint venture will
provide its customers. "The winners in today's construction market, be it
commercial or residential, are those suppliers who display the speed and agility
to provide safe, accurate, cost-effective solutions for building designers,
contractors and owners. By combining the manufacturing and marketing strength of
Dietrich with the software development, engineering systems and fabricator
support functions of MiTek, Aegis Metal Framing will be unique in the light
gauge metal framing industry. The light gauge metal component fabricators and
installers will be the real winners in this new business model."
Both parties anticipate the joint venture will be finalized in October.
Worthington Industries is a leading diversified metal processing company with
annual sales of approximately $2 billion. The Columbus, Ohio based company is
North America's premier value-added steel processor and a leader in manufactured
products such as automotive aftermarket stampings, pressure cylinders, metal
framing, metal ceiling grid systems and laser welded blanks. The company employs
7,500 people and operates 59 facilities in 11 countries.
MiTek, based in Chesterfield, MO is a subsidiary of Warren Buffett's Berkshire
Hathaway Inc.
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 future revenues, earnings and growth, stock
appreciation, plant capabilities 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, but are not limited to, the
following: general economic conditions; conditions in the Company's major
markets; competitive factors and pricing pressures; product demand and changes
in product mix; changes in pricing or availability of raw material, particularly
steel; delays in construction or equipment supply; and other risks described
from time to time in the Company's filings with the Securities and Exchange
Commission.
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CONTACT: Cathy Mayne Lyttle, VP, Corporate Communications,
+1-614-438-3077, or e-mail, cmlyttle@WorthingtonIndustries.com, or Allison
McFerren Sanders, Director, Investor Relations, +1-614-840-3133, or e-mail,
asanders@WorthingtonIndustries.com, both of Worthington Industries, Inc.