Worthington Industries to Acquire Piper Metal Forming Assets
06/02/2009 - Worthington Industries purchases the assets of Piper Metal Forming, U.S. Respiratory, and Pacific Cylinders.
Worthington Industries announced it will purchase the assets related to Piper Metal Forming Corp., U.S. Respiratory, Inc. and Pacific Cylinders, Inc.
“This transaction represents a natural extension of our focus on growing our highly successful pressure cylinder business,” said Worthington’s Chairman and CEO, John P. McConnell.
The Piper Metal Forming assets—which will be included in Worthington’s Pressure Cylinders business segment—comprise Piper, a leading manufacturer of high pressure aluminum cylinders as well as impact extruded steel and aluminum parts; U.S. Respiratory, which provides value-added assembly and distribution of Piper’s medical cylinder products; and Pacific Cylinders, which provides West Coast distribution from Diamond Springs, Calif. The Piper Metalforming group’s revenues were approximately $30 million for the last calendar year.
“The products and markets served by Piper complement our presence in the cylinder market,” commented Harry Goussetis, President of Worthington Cylinders. “While we currently manufacture a broad range of cylinders, the new aluminum products increase our line of industrial gas product offerings and present an opportunity to participate in the growing medical market.”
The transaction is expected to close within thirty days subject to normal closing conditions. It is expected to be modestly accretive in the first year.
With one manufacturing location in New Albany, Miss., Piper Metal Forming serves medical, automotive, defense, oil services and other commercial markets.
Worthington Cylinders is a leading global supplier of pressure cylinders, offering the one of the most complete lines of pressure cylinders in the industry, including liquefied petroleum; refrigerant and industrial gas cylinders, airbrake tanks and consumer products.
Worthington Industries is a leading diversified metal processing company with annual sales of approximately $3 billion. The Columbus, Ohio, based company is a value-added steel processor and a leader in manufactured metal products such as metal framing, pressure cylinders, automotive past model service stampings, metal ceiling grid systems and laser welded blanks. Worthington employs approximately 7000 people and operates 60 manufacturing facilities in 10 countries.
Founded in 1955, the company operates under a long-standing corporate philosophy rooted in the golden rule, with earning money for its shareholders as the first corporate goal. This philosophy, an unwavering commitment to the customer, and one of the strongest employee/employer partnerships in American industry serve as the company’s foundation.
