Worthington Sells Share of Aegis Metal Framing Joint Venture
12/22/2008 - ABSTRACT: Worthington Industries subsidiary Dietrich Metal Framing signs agreement to sell its share of Aegis Metal Framing to its partner, MiTek Industries, for approximately $25 million.
Worthington Industries subsidiary Dietrich Metal Framing has signed an agreement to sell its share of Aegis Metal Framing for approximately $25 million to its partner, MiTek Industries, Inc.
The Aegis Metal Framing joint venture provides building component manufacturers with a full line of metal framing products that are integrated with engineering, whole-structure design, estimating and management software. The company began operations in February of 2002,
The sale includes certain dedicated Aegis production lines from Dietrich facilities in Rockhill, S.C., and Hammond, Ind. These lines will be transferred to a designated MiTek facility over the first six months of calendar year 2009.
Worthington Industries is a leading diversified metal processing company with annual sales of approximately $3 billion. The Columbus, Ohio, based company is a leading 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 approximately 7500 and operate 68 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.
MiTek Industries, Inc. is a subsidiary of Berkshire Hathaway, Inc.
