Worthington Forms Joint Venture with LEFCO
11/14/2007 - Worthington Steelpac Systems acquires a 49% interest in crate and pallet manufacturer Lefco Industries.
Worthington Industries subsidiary Worthington Steelpac Systems has acquired a 49% interest in Lefco Industries, LLC, a minority business enterprise (MBE) and producer of crates and specialty pallets from its manufacturing facility in Cleveland, Ohio.
The resulting joint venture—Lefco Worthington, LLC—will manufacture steel rack systems for a variety of industries, including automotive and trucking. The joint venture will also continue to produce Lefco’s existing products.
Worthington Steelpac and Lefco have been working in a strategic alliance for the past two years to assess opportunities for an MBE supplier in the steel rack fabrication market. With Steelpac on board, the joint venture will now purchase tubular steel and fabricate metal racks to facilitate the movement of equipment and parts in manufacturing facilities.
“This investment gives us the opportunity to expand our customer base and our rack business,” said Don Pulver, Vice President of Worthington Steelpac. “Lefco will give Steelpac the potential to participate more broadly in the rack business by giving customers the option to purchase from an MBE-certified rack supplier.”
Worthington Steelpac, a Worthington Industries company, operates a manufacturing facility in Pennsylvania that designs and manufactures reusable steel-constructed custom platforms, racks, and pallets that support, protect, and handle products throughout the shipping process for a range of industries such as automotive, lawn and garden, and recreational vehicles. Steelpac is preparing to roll out its new metal distribution pallet for handling and logistics after the first of the year.
Worthington Industries is a leading diversified metal processing company with annual sales of approximately $3 billion. The Columbus, Ohio, based company is a premier North American value-added steel processor and a leader in manufactured metal products such as metal framing, metal ceiling grid systems, pressure cylinders, automotive past model service stampings, and laser welded blanks. Worthington Industries and its subsidiaries employ more than 8,000 people and operate 67 facilities in 10 countries.
Headquartered in Cleveland, Ohio, Lefco Industries is a leading manufacturer of wooden crates, specialty pallets, and other custom material handling products. The company also provides value-added services such as design, assembly, and flexible packaging solutions, offering superior cargo protection. Its customers include General Dynamics, Parker Hannifin, the U.S. Navy and Lockheed Martin.
