COLUMBUS, Ohio, Sep 28, 2004 (BUSINESS WIRE) -- Dietrich Metal
Framing, a Worthington Industries company (NYSE:WOR), today announced
that it has formed a joint venture with Pacific Steel Construction.
The joint venture, Dietrich Residential Construction, is a limited
liability corporation with 50 percent ownership by each company. Its
headquarters will be located in Franklin, Tenn.
This new joint venture will focus on the residential construction
market, combining Dietrich's leadership in residential steel framing
with Pacific Steel Construction's experience in military housing
construction. Dietrich Metal Framing, long a leader in the commercial
construction industry, also provides expertise in mid-rise
construction, blending a systems-integration approach with
design/build methodology.
"Dietrich Residential Construction will focus on and maximize key
strengths of each of our companies," said Ed Ponko, president,
Dietrich Metal Framing. "This joint venture will further our mission
to contribute to the growth of the residential steel framing market
and the use of light-gauge steel. It will also prove helpful in our
mid-rise construction efforts."
Operations are scheduled to begin immediately.
Since 2000, Pacific Steel has framed over 1,000 military homes out
of steel framing members and is recognized as the leader in
residential steel framing for U.S. military housing projects. Pacific
has completed steel framing projects for each branch of the U.S.
military with a focus on military construction and privatized housing
projects.
Worthington Industries is a leading diversified metal processing
company with annual sales of more than $2 billion. The Columbus, Ohio,
based company is North America's premier value-added steel processor
and a leader in manufactured metal products such as metal framing,
pressure cylinders, automotive past model service stampings, metal
ceiling grid systems and laser welded blanks. Worthington employs more
than 8,000 people and operates 63 facilities in 10 countries.
Founded in 1955, the company operates under a long-standing
corporate philosophy rooted in the golden rule, with earning money for
its shareholders as the first corporate goal. This philosophy, an
unwavering commitment to the customer, and one of the strongest
employee/employer partnerships in American industry serve as the
company's foundation.
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.
SOURCE: Worthington Industries
Worthington Industries
Cathy Mayne Lyttle, 614-438-3077
cmlyttle@WorthingtonIndustries.com
or
Allison McFerren Sanders, 614-840-3133
asanders@WorthingtonIndustries.com