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Worthington Enterprises, Inc. (NYSE: WOR) is a globally recognized leader in diversified metals manufacturing. Headquartered in Columbus, Ohio, the company operates through three main business segments: Steel Processing, Consumer Products, and Building Products. Worthington Enterprises is renowned as North America’s premier value-added steel processor and a leading manufacturer of metal products.
The company's portfolio includes an extensive range of products such as propane, refrigerant, and industrial cylinders, hand torches, camping cylinders, scuba tanks, compressed natural gas storage cylinders, helium balloon kits, and tanks for the global energy market. Additionally, they produce custom-engineered cabs for heavy mobile equipment, laser-welded blanks, steel pallets, and racks. Through various joint ventures, Worthington also provides suspension grid systems for ceilings, automotive service stampings, and light gauge steel framing for construction.
With sales reaching $3.38 billion in the fiscal year of 2015, Worthington Enterprises has a strong financial foundation. The company employs approximately 10,500 people and operates 82 facilities across 11 countries, underlining its extensive global footprint.
One of Worthington's recent achievements includes the acquisition of Hexagon Ragasco, a market leader in LPG composite cylinders. This strategic move is set to enhance Worthington’s product offering and geographical reach in the cylinder market. Furthermore, Worthington acquired a 49% stake in Hexagon’s Sustainable Energy Solutions (SES) business segment, strengthening their position in the high-pressure, clean energy solutions market.
Worthington Enterprises is committed to innovation and transformation, which is evident in their products for consumer, building, and sustainable energy markets. They focus on developing solutions that enhance safety, health, and environmental sustainability. Brands such as Balloon Time®, Bernzomatic®, Coleman®, and Garden-Weasel® underscore the company's influence in various consumer markets.
Moreover, the company places a strong emphasis on corporate citizenship and sustainability, deeply engaging with local communities through volunteer efforts and the Worthington Companies Foundation. Worthington’s people-first philosophy empowers employees to innovate and thrive, ensuring continuous growth and value creation for shareholders.
The company's robust performance, strategic acquisitions, and commitment to sustainable practices make Worthington Enterprises a significant player in the metals manufacturing industry, poised for ongoing success and expansion.
Worthington Industries reported robust fiscal Q2 2022 results with net sales of $1.2 billion and net earnings of $110.3 million, or $2.15 per diluted share, marking a substantial recovery from a net loss of $74.0 million in Q2 2021. The growth of 69% in revenue was driven by the Steel Processing segment, benefiting from inventory holding gains. The company completed the acquisition of Tempel Steel for approximately $255 million, enhancing its position in the electrical steel market. Outlook remains optimistic with expectations for continued healthy demand.
Worthington Industries, Inc. (NYSE: WOR) has completed its acquisition of Tempel Steel Company for approximately $255 million. Tempel is a global leader in manufacturing precision laminations for the electrical steel market, including applications in transformers and electric vehicles. The acquisition adds five manufacturing facilities across Canada, China, India, Mexico, and the U.S., expanding Worthington's workforce by 1,500 employees. This move positions Worthington as a leader in the growing electrical steel market, addressing the demand for hybrids and electric vehicles.
Worthington Industries (NYSE:WOR) will announce its second quarter results on Dec. 16, 2021, before market opening. A live webcast discussion is scheduled for 2 p.m. ET the same day, available on the company’s website and archived for a year. Worthington, established in 1955 and headquartered in Columbus, Ohio, operates 53 facilities across 15 states and seven countries, employing about 8,000 people. The company focuses on innovation in various sectors, including automotive, energy, and consumer products.
Worthington Industries (NYSE: WOR) has launched innovative tools and outdoor living products, set to hit retail stores nationwide for the holiday season. Highlights include the Bernzomatic Digital Fuel Gauge, recognized as a Popular Mechanics Shop Tool Awards 2021 Winner, and the General Tools ANGLE-IZER Locking Contour Gauge, designed for precise shape duplication. These products aim to enhance user experience and reflect the company's focus on consumer insights and innovation.
Worthington Industries (NYSE: WOR) announced that Joe Hayek, Vice President and CFO, will present at Baird’s 2021 Virtual Global Industrial Conference on Nov. 11 at 9:05 a.m. ET. He will discuss the company’s operations, financial performance, and growth strategy. A live webcast will be available on the Worthington Industries website and can be replayed for up to one year.
Additionally, the company is hosting a Virtual Investor & Analyst Day on Nov. 10 at 9:30 a.m. ET.
Worthington Industries (NYSE:WOR) announced the acquisition of Tempel Steel Company for approximately $255 million, plus liabilities. This acquisition positions Worthington as a leader in the electrical steel market, essential for transformers and electric vehicle (EV) motors. Tempel has five manufacturing facilities worldwide and generated net revenue of $377 million and EBITDA of $35 million over the past year. The deal is projected to close in December 2021, enhancing Worthington's automotive and electricity infrastructure offerings as EV adoption grows.
Worthington Industries (NYSE: WOR) will host a Virtual Investor & Analyst Day on Nov. 10, 2021, starting at 9:30 a.m. ET. This event will include presentations from the company's executive management about its new reporting segments: Consumer Products, Building Products, and Sustainable Energy Solutions. The session will last approximately two hours and will conclude with a Q&A segment. Interested investors can register for the event and access the webcast on the Investor Relations website.
MiddleGround Capital has announced the acquisition of two automotive facilities from Benteler International by its portfolio company, Shiloh Industries. This marks MiddleGround’s first add-on investment in Shiloh since taking it private last year and represents its third automotive investment in just 13 months. The facilities in Kalamazoo, Michigan, and Goshen, Indiana, bolster Shiloh's capabilities in lightweighting—a crucial area for meeting fuel efficiency and electrification standards in the automotive sector. MiddleGround is committed to supporting the ongoing transformation in the automotive industry.
Worthington Industries has declared a quarterly dividend of $0.28 per share, payable on December 29, 2021, to shareholders of record on December 15, 2021. This marks the continuation of Worthington's commitment to returning value to shareholders, having paid dividends since its public listing in 1968. The company operates 53 facilities across 15 states and globally, employing around 8,000 people. As a leader in industrial manufacturing, Worthington provides innovative solutions across various sectors, reinforcing its strong market position.
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