Expands Alternative Fuel Products With New Offering
COLUMBUS, Ohio, Sep 30, 2011 (BUSINESS WIRE) --
Worthington Industries, Inc. (NYSE:WOR) announced today that its
Pressure Cylinders segment has purchased the assets of STAKO, a leading
European producer of automotive liquefied propane gas (LPG) tanks,
located in Slupsk, Poland.
STAKO manufactures toroidal and cylindrical LPG tanks for storage of
liquid gas propane-butane mixture for engines in passenger cars and
commercial and delivery vehicles. The company has also initiated
production of compress natural gas (CNG) composite and steel tanks used
mainly for storage of compressed methane used to fuel automotive
vehicles and buses. Other composite tanks are used for storage of
compressed air for medicine, aeronautics breathing air for fire
fighters, scuba diving and paintball. STAKO currently has 470 employees.
Sales for the last 12 months were approximately $25 million USD.
"This acquisition expands our alternative fuels product offering and
gives us the broadest offering of alternative fuel tanks for the
automotive OEM and aftermarkets," said Worthington Industries Chairman
and CEO John McConnell.
"STAKO is one of the world's leading manufacturer of LPG auto tanks and
strengthens our manufacturing presence for the growing global
alternative fuels markets," said Andy Billman, President, Worthington
Cylinders.
With the addition of these assets, Worthington Cylinders now offers the
broadest line of alternative fuel cylinders for storage of high pressure
CNG and LPG: Type I steel, Type II hoop-wrapped steel, and Type III
aluminum-lined/ composite reinforced. The Company also has Type IV
resin-lined/composite reinforced technology that it intends to further
develop for the automotive industry. SCI, a recent Pressure Cylinders
acquisition and a leader in composite technology for the automotive
industry, will be working with STAKO to further develop this market.
About Worthington Cylinders
Worthington Cylinders is the
world's leading global manufacturer of pressure cylinders, delivering
products and value-added services to its customers designed to exceed
their expectations in quality, service and value. Worthington Cylinders
offers the most complete line of pressure cylinders in the industry,
including storage of liquefied petroleum, refrigerant, oxygen and
industrial gases. Balloon Time(R) and Worthington Pro Grade(R) products are
available at retailers nationwide and provide consumers products for
grilling, party planning, outdoor leisure activities and home repair.
About Worthington Industries
Worthington Industries is a
leading diversified metals manufacturing company with 2011 fiscal year
sales of approximately $2.4 billion. The Columbus, Ohio based company is
North America's premier value-added steel processor; a leader in
manufactured pressure cylinders, such as propane, oxygen and helium
tanks, hand-held torches, refrigerant and industrial tanks, camping
cylinders, compressed natural gas storage cylinders and scuba tanks;
framing systems and stairs for mid-rise buildings; steel pallets and
racks; and through joint ventures, suspension grid systems for concealed
and lay-in panel ceilings, laser welded blanks; light gauge steel
framing for commercial and residential construction; and current and
past model automotive service stampings. Worthington, including its
joint ventures employs approximately 8,500 people and operates 74
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 pressure cylinder business; increases to product lines;
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 costs or
difficulties related to the integration of the business acquired are
greater than expected; the ability to maintain relationships with
customers of the acquired business; product demand and pricing, changes
in product mix and market acceptance of products; fluctuations in
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 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 national, regional and worldwide economic
conditions generally and within major product markets, including a
prolonged or substantial economic downturn; the effect of adverse
weather on facilities and shipping operations; changes in customer
spending patterns and supplier choices; acts of war and terrorist
activities; 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; and other 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