COLUMBUS, Ohio, Oct 31, 2008 (BUSINESS WIRE) -- Worthington Industries, Inc. (NYSE:WOR) announced today that its
Worthington Steel Company has agreed to sell its 49% equity interest in
Canessa Worthington Slovakia to its partner in the joint venture, The
CLN Group. The European steel processing joint venture was formed in
August 2007 and operated a facility in Kosice, Slovakia.
"This was a very amicable parting of ways,"Mark
A. Russell, Worthington Steel Company president said. "We
continue our good relationship with Canessa and the CLN Group. We have a
long track record of successful joint ventures and we will continue to
look for opportunities in Eastern Europe."
Worthington Steel, a Worthington Industries company, is one of America's
largest independent steel processors of flat-rolled steel. Operating 11
facilities across North America, the company offers the widest range of
services in the industry, including acrylic coating, cleaning,
cold-rolling, configured blanking, cutting-to-length, dry lubricating,
edging, galvannealing, hot-dipped galvanizing, hydrogen annealing,
pickling, slitting, stainless steel, temper rolling and tension leveling.
Worthington Industries is a leading diversified metal processing company
with annual sales of approximately $3 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 approximately 8,000 people and operates 68
manufacturing facilities in 11 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, Inc.
Worthington Industries, Inc.
Media Contact:
Cathy M. Lyttle, 614-438-3077
VP, Corporate Communications
E-mail: cmlyttle@WorthingtonIndustries.com
or
Investor Contact:
Allison M. Sanders, 614-840-3133
Director, Investor Relations
E-mail: asanders@WorthingtonIndustries.com
or
www.WorthingtonIndustries.com