Pursue Wind Tower Manufacturing
COLUMBUS, Ohio, Feb 15, 2011 (BUSINESS WIRE) --
Worthington Industries, Inc. (NYSE: WOR) announced today its Worthington
Energy Group subsidiary has signed a memorandum of understanding with
Gestamp Renewables group to create a 50-50 joint venture. The joint
venture, Gestamp Worthington Wind Steel, LLC, will focus on producing
towers for wind turbines being constructed in the North American market.
The joint venture partners have identified 30 acres in Cheyenne, Wyo. as
the site of the joint venture's initial production facility. The parties
expect to sign an agreement in the next quarter and anticipate employing
150 people when fully operational.
"This joint venture is the result of pursuing opportunities in the
renewable energy field for the past nine months in a newly formed
Worthington Energy Group," John P. McConnell, Chairman and CEO of
Worthington Industries said. "We are very pleased to be partnering with
Gestamp, a company we have known for several years. We share many of the
same operating principles and ideals, and also have complementary
industry capabilities and experience."
"Worthington and Gestamp will work very well together in this joint
venture," said Jon Riberas, President and CEO of Gestamp Renewables. "We
have wind tower manufacturing facilities in Spain, Turkey, and Brazil,
and are happy to be partnering with Worthington in our first North
American facility."
Gestamp Wind Steel has developed global supply relationships with key
players in the wind turbine markets and will bring the operational
experience needed for the manufacturing of the towers. Worthington will
bring its experience in North America manufacturing, purchasing, and
human resources to the venture.
The joint venture anticipates beginning shipments of 80-100 foot long
tower sections for wind turbines in the first quarter of calendar year
2012. The proposed facility will produce utility-scale towers for 2.0 to
3.0 MW wind turbines. Initial plans call for production of over 300
towers per year. The joint venture will generally serve as a
subcontractor to manufacture the tower structures for renewable energy
companies which construct the wind tower turbines. Wyoming was chosen
because of its attractive logistical location relative to the growing
renewable energy market in the western United States.
The plant will be built in the Cheyenne Logistics Hub, which is near two
major rail lines and the intersection of two interstate highways.
"We are so pleased to welcome these two companies and the many
manufacturing jobs they will bring," remarked Wyoming Governor Matt
Mead. "Wyoming has created a great environment for business and
continues its national leadership in the energy sector."
About Corporacion Gestamp
Corporacion Gestamp is a Spanish industrial holding company, whose core
businesses are industrial steel manufacturing services including metal
components for the automotive industry, steel towers for the wind
industry, and steel structural components for the solar industry.
Comprised of three large industrial divisions, Gonvarri, Gestamp
Automotive and Gestamp Renewables, the company has a strong global
presence with facilities in 25 countries across four continents. In 2010
fiscal year, the Gestamp Corporation achieved sales of $6.8 billion and
employed more than 20,000 employees globally.
About Worthington Industries
Worthington Industries is a leading diversified metals manufacturing
company with 2010 fiscal year sales of approximately $1.9 billion. The
Columbus, Ohio based company is North America's premier value-added
steel processor, and a leader in manufactured pressure cylinders, such
as propane, oxygen and helium tanks, hand torches, refrigerant and
industrial cylinders, camping cylinders, CNG storage, and scuba tanks;
light gauge steel framing for commercial and residential construction;
framing systems and stairs for mid-rise buildings; current and past
model automotive service stampings; steel pallets and racks; and through
joint ventures, suspension grid systems for concealed and lay-in panel
ceilings and laser welded blanks. Worthington employs approximately
6,500 people and operates 67 facilities in 11 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 joint venture including potential opportunities in the renewable
energy field, the acquisition and operation of and employment
opportunities with respect to joint venture facilities, anticipated
contracts and shipments, the production of and opportunities for wind
turbines, 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, those risks
described from time to time in filings with the United States Securities
and Exchange Commission.
SOURCE: Worthington Industries, Inc.
Worthington Industries, Inc.
Cathy M. Lyttle, 614-438-3077
VP, Corporate Communications and Investor Relations
E-mail: cmlyttle@WorthingtonIndustries.com
or
Sonya L. Higginbotham, 614-438-7391
Director, Corporate Communications
E-mail: slhiggin@WorthingtonIndustries.com
or
www.WorthingtonIndustries.com