Worthington Industries sells the Structural Composites Industries facility NYSE: WOR
COLUMBUS, Ohio, March 15, 2021 (GLOBE NEWSWIRE) – Worthington Industries, Inc. (NYSE: WOR) at present introduced the sale of its Structural Composites Industries (SCI) plant in Pomona, Calif., To Luxfer Holdings PLC (NYSE: LXFR). Following the divestiture of the unprofitable operation, Worthington will proceed to focus its investments and a focus on the rising sustainable mobility markets in Europe and Asia the place strict and obligatory emission reductions are accelerating hydrogen development. and compressed pure gasoline (CNG). The Firm will even proceed to produce self-contained respiratory equipment (SCBA) cylinders for firefighters and first responders from its European websites to prospects in Europe and Asia.
“We’re happy to discover a purchaser who can higher make the most of this facility to successfully serve the US market,” stated Eric Smolenski, president of Worthington’s Stress Cylinders enterprise. “We’re grateful for the eagerness and dedication of our Pomona workers and want them each success.” Smolenski continued, “We have now made important investments in our hydrogen and CNG design and manufacturing capabilities in Europe and we are going to use these capabilities to develop progressive options in quick rising markets in Europe and Asia.”
Worthington has not too long ago made substantial investments in its engineering and manufacturing capabilities in Europe which give full techniques for the storage, transportation and use of different fuels corresponding to hydrogen and CNG. Along with increasing the corporate’s current composite cylinder plant in Poland, the corporate additionally constructed Sort III and Sort IV hydrogen cylinder manufacturing strains at its plant in Austria and not too long ago acquired PTEC Stress Expertise GmbH in Germany, a number one designer and producer of superior valves. and elements for prime strain hydrogen and CNG techniques.
About Worthington Industries
Worthington Industries (NYSE: WOR) is a number one industrial manufacturing firm offering progressive options to prospects spanning many industries together with transportation, development, business, agriculture, retail and power. Worthington is North America’s main value-added metal processor and producer of laser welded merchandise; and one of many world’s main suppliers of strain cylinders and equipment for functions corresponding to gasoline storage, water techniques, out of doors residing, instruments and celebrations. The corporate’s manufacturers, principally offered in retail shops, embody Coleman®, Bernzomatic®, Balloon time®, Magnetic torch®, Effectively-X-Trol®, Basic®, Backyard-weasel®, Pactool Worldwide® and Hawkeye ™. Worthington’s WAVE three way partnership with Armstrong is the North American chief in progressive ceiling options.
Based mostly in Columbus, Ohio, Worthington operates 50 services in 15 states and 7 nations, sells in additional than 90 nations and employs roughly 7,500 folks. Based in 1955, the corporate follows a people-centered philosophy, with the first enterprise goal of creating wealth for its shareholders. By relentlessly discovering new methods to drive progress and training a shared dedication to transformation, Worthington makes higher options potential for purchasers, workers, shareholders and communities.
Protected Harbor Declaration
The Firm needs to benefit from the secure harbor provisions included within the Personal Securities Litigation Reform Act 1995 (the “Act”). Firm statements concerning skill to extend market participation, develop and combine capability, improve effectivity and scale back lead time, obtain development typically and in particular markets, and different statements that isn’t historic data represent “forward-looking statements” inside the that means of the Legislation. All forward-looking statements are topic to dangers and uncertainties which may trigger precise outcomes. Elements that would trigger precise outcomes to fluctuate materially embody dangers described every so often in paperwork filed by the Firm with the Securities and Change Fee, together with these associated to COVID-19 and the assorted measures taken on this regard, which may additionally improve different dangers.
SONYA L. HIGGINBOTHAM
VP, CORPORATE COMMUNICATIONS AND BRAND MANAGEMENT
614.438.7391 | [email protected]
MARCUS A. ROGIER
TREASURER AND INVESTOR RELATIONS AGENT
614.840.4663 | [email protected]
200 Outdated Wilson Bridge Highway | Columbus, Ohio 43085