Worthington Industries, Inc. has signed a purchase agreement to acquire the propane and specialty gas cylinder assets of Western Industries, Inc.

Western's Propane & Specialty Cylinder Group manufactures 14.1 oz. and 16.4 oz. disposable cylinders for hand torches, camping stoves, portable heaters and table top grills from two locations. Revenues of this group were approximately $50 million for the last calendar year. These assets will be included in Worthington's Pressure Cylinders business segment.

The transaction is expected to be modestly accretive in the first year. Under the proposed terms, Worthington will acquire Western's cylinder assets for $64.5 million in cash.

Worthington's Chairman and CEO, John P. McConnell, stated, "This transaction represents a natural extension of our focus on value-added processing of flat-rolled steel." George Stoe, President of Worthington Cylinders, added, "The complementary nature of the product offerings of Worthington and Western will be beneficial to our customers and round out our already extensive coverage of the cylinder market. While we currently manufacture a broad range of cylinders, we do not have any product offerings in the one-pound range."

The transaction, which is subject to normal closing conditions, is expected to close within thirty days.

Worthington Cylinders is the world's leading global supplier of pressure cylinders, offering the most complete line of pressure cylinder vessels in the industry, including LPG, refrigerant and industrial gas cylinders. With annual sales of approximately $330 million, this business segment of Worthington Industries employs nearly 2,000 people and operates seven facilities in five countries.

Worthington Industries, Columbus, Ohio, is a leading diversified metal processing company with annual sales of more than $2 billion. The company employs 8,000 people and operates 61 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.