Worthington to Sell Interest in European Steel Processing Venture
11/03/2008 - Worthington Steel agrees to sell its 49% equity interest in Canessa Worthington Slovakia to its joint venture partner, The CLN Group.
Worthington Industries subsidiary Worthington Steel Co. has agreed to sell its 49% equity interest in Canessa Worthington Slovakia to its partner in the joint venture, The CLN Group.
“This was a very amicable parting of ways,” said Worthington Steel President Mark A. Russell. “We continue our good relationship with Canessa and the CLN Group. We have a long track record of successful joint ventures and we will continue to look for opportunities in Eastern Europe.”
Canessa Worthington Slovakia, a European steel processing joint venture, was formed in August 2007 and operated a facility in Kosice, Slovakia.
Worthington Steel, a Worthington Industries company, is one of America’s largest independent steel processors of flat-rolled steel. Operating 11 facilities across North America, the company offers a wide range of services, including acrylic coating, cleaning, cold-rolling, configured blanking, cutting-to-length, dry lubricating, edging, galvannealing, hot-dip galvanizing, hydrogen annealing, pickling, slitting, stainless steel, temper rolling, and tension leveling.
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, pressure cylinders, automotive past model service stampings, metal ceiling grid systems and laser welded blanks. Worthington employs approximately 8000 people and operates 68 manufacturing facilities in 11 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.
