KIENBERG, AT – September 29, 2023 — Worthington Industries, Inc. (NYSE: WOR), a leading industrial manufacturing company, announced on the 26th September 2023 the names and branding for the two companies resulting from the planned separation. Worthington Enterprises will include the Company’s Building Products, Consumer Products and Sustainable Energy Solutions businesses. Worthington Steel will be the Company’s Steel Processing business. The separation is expected to occur as early as December 2023, ahead of the originally projected timing of early 2024.
The WORTHINGTON ENTERPRISES name represents the organization’s strong heritage, entrepreneurial spirit, and market-leading brands and innovative products that improve lives.
“We felt that keeping Worthington in our name was important because we will continue to operate by Our Philosophy and Golden Rule principles,” said Andy Rose, president and chief executive officer of Worthington Industries, who will continue in the same role for Worthington Enterprises. “The word ‘Enterprises’ is most often associated with entrepreneurial ventures – and that is who we are at Worthington Enterprises. We are entrepreneurs, designers, manufacturers, and acquirers of innovative brands and products in attractive end markets.”
WORTHINGTON STEEL honors the legacy of the Company’s history with a return to the original name of the steel processing business John H. McConnell founded in 1955. The icon is equally sharp-edged and smooth, alluding to the versatility of steel as a raw material and the role it will play in the energy transition.
Geoff Gilmore, chief operating officer and executive vice president, Worthington Industries, will become president and chief executive officer of Worthington Steel. He said, “Our entire team is energized to boldly lead the metals industry into a sustainable future as the most trusted, most innovative and most value-added metals processing partner in North America and beyond.
Based on our legacy, reputation of dependability and forward-thinking, and our people-first principles, we are well positioned to partner with customers to provide steel processing, electrical steel laminations, tailor welded solutions and other value-added services to serve growing markets.”
Both Worthington Enterprises and Worthington Steel will be headquartered in Columbus, Ohio.
Read more about “Worthington 2024 – The Evolution of Better”.
Investor and Analyst Day 2023
Worthington Industries will host an Investor and Analyst Day on October 11 in New York City where future senior leaders representing Worthington Enterprises and Worthington Steel will provide an in-depth review of their strategies to drive long-term growth and shareholder value.
The Worthington Enterprises session begins at 9:30 a.m. ET. Andy Rose, president and chief executive officer, Joseph Hayek, executive vice president, chief financial and operations officer, and other members of management are scheduled to deliver presentations.
The Worthington Steel session begins at 1 p.m. ET. Geoff Gilmore, president and chief executive officer, Tim Adams, vice president and chief financial officer and Jeff Klingler, executive vice president and chief operating officer are scheduled to deliver presentations.
Investors and analysts interested in participating virtually may register at this link. In-person attendance is by invitation only because of limited capacity. To request an invitation, please contact Investors@WorthingtonIndustries.com.
An archived webcast will be available for up to one year in the Events & Presentations section of the Company’s Investor Relations website.
About Worthington
Worthington Industries Europe is the largest designer and manufacturer of pressure vessels in the region with over 1,600 employees working at facilities in Austria, Poland and Portugal. Worthington is the first in its industry to incorporate sustainable practices into its long-term business strategy.
With the lightest composite and steel low- and high-pressure cylinders available, Worthington designs and makes solutions for technical gases, industrial gases, and alternative fuels. The Company invests strategically in production facilities that serve the sustainable mobility market with gas-storage, transport and onboard fueling systems for cars, buses, trucks and more.
Worthington Industries (NYSE:WOR) is a leading industrial manufacturing company delivering innovative solutions to customers that span many industries including transportation, construction, industrial, agriculture, retail and energy. Worthington is North America’s premier value-added steel processor and producer of laser welded products; and a leading global supplier of pressure cylinders and accessories for applications such as fuel storage, water systems, outdoor living, tools and celebrations.The Company’s brands, primarily sold in retail stores, include Coleman®, Bernzomatic®, Balloon Time®, Mag Torch®, Well-X-Trol®, General®, Garden-Weasel®, Pactool International® and Hawkeye™. Worthington’s WAVE joint venture with Armstrong is the North American leader in innovative ceiling solutions.
Headquartered in Columbus, Ohio, Worthington operates 51 facilities in 15 states and seven countries, sells into over 90 countries and employs approximately 7,500 people. Founded in 1955, the Company follows a people-first philosophy with earning money for its shareholders as its first corporate goal. Relentlessly finding new ways to drive progress and practicing a shared commitment to transformation, Worthington makes better solutions possible for customers, employees, shareholders and communities.
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, uncertainties and impacts described from time to time in the Company’s filings with the Securities and Exchange Commission, including those related to COVID-19 and the various actions taken in connection therewith, which could also heighten other risks.
*Editor’s Note:
Please email eu-communications@worthingtonindustries.com to request a Worthington Enterprises and/or Worthington Steel logo file.
Any questions?
Todd Cesaratto
Director of Communications + Marketing | Europe
Worthington Industries
+43 664 8868 2632
todd.cesaratto@worthingtonindustries.com