Worthington Acquires Majority Stake in Samuel Steel Pickling Co.
01/06/2020 - Steel processor and cylinder manufacturer Worthington Industries is rolling a newly acquired facility into its sheet processing joint venture with Samuel, Son & Co. and has taken the majority stake in the business.
In a press release issued Monday, Worthington said that it will add its recently acquired Heidtman Cleveland facility to the joint venture, in which Worthington now holds a 63% stake. The joint venture will be renamed to Worthington Samuel Coil Processing LLC.
“Adding the Heidtman Cleveland facility will enhance the joint venture’s pickling capabilities in this area,” said Worthington Industries chairman and chief executive John McConnell. “Leveraging the strengths and capabilities of these facilities will allow us to better serve our customers in this market.”