Worthington Industries to Acquire Wolfedale Cylinder Assets
08/02/2007 - Worthington Industries signed purchase agreement to acquire cylinder production assets from Wolfedale Engineering.
Worthington Industries, Inc. has signed a purchase agreement to acquire cylinder production assets from Wolfedale Engineering.
Wolfedale Engineering is the largest Canadian manufacturer of portable propane gas steel cylinders for use with barbeque gas grills, recreational vehicles, campers, trailers, and domestic applications. Annual revenues related to the acquired assets were approximately CDN $12 million.
"We are extremely pleased to expand our Canadian market presence through this transaction. Wolfedale is a quality manufacturer that has served the Canadian market well for many years. We look forward to providing a seamless transition to its customers," said Harry Goussetis, President of Worthington Cylinders.
Worthington will include the acquired assets its Pressure Cylinders business segment. The transaction is expected to close on or about August 31, 2007, subject to normal closing conditions.
Worthington Cylinders is a leading global supplier of pressure cylinders, offering a complete line of pressure cylinder vessels, including LPG, refrigerant and industrial gas cylinders. With annual sales of approximately $540 million, this business segment of Worthington Industries employs nearly 1800 people and operates seven facilities in five countries.
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 stamping and laser welded blanks. Worthington Industries and its subsidiaries employ more than 8,000 people and operate 64 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.
