Sep. 4, 2009 (Business Wire) -- Worthington Industries, Inc. (NYSE:WOR) announced today that its Worthington Cylinders business segment has purchased Structural Composites Industries, LLC (SCI).
SCI is a leading manufacturer of DOT-approved lightweight, aluminum-lined, composite-wrapped high pressure cylinders used in commercial, military, marine and aerospace applications. Product lines include cylinders for alternative fuel vehicles using natural gas or hydrogen, self-contained breathing apparatus (SCBA), aviation oxygen and escape slides, military applications, home oxygen therapy, and advanced & cryogenic structures.
SCI is located in Pomona, Calif., and has approximately 150 employees. Revenues were approximately $36 million in calendar year 2008. The transaction is expected to be modestly accretive in the first year.
“With this acquisition we continue to execute on our strategy to grow the pressure cylinder business, with a focus on broadening the portfolio beyond its original, core markets,” said Worthington Industries Chairman and CEO, John P. McConnell.
“SCI’s expertise in manufacturing composite cylinders and their strong management team are the perfect complement to our existing steel and aluminum product lines,” said Harry Goussetis, President of Worthington Cylinders. “This business is our entry into weight critical applications and it will expand our opportunities in the faster growing alternative fuels and SCBA sectors.”
About Worthington Cylinders
Worthington Cylinders is the world’s leading global supplier of pressure cylinders, continually delivering solutions to its customers while exceeding their expectations in quality, service and value. Worthington Cylinders offers the most complete line of pressure cylinders in the industry, including liquefied petroleum; refrigerant and industrial gas cylinders, airbrake tanks and consumer products.
About Worthington Industries
Worthington Industries is a leading diversified metal processing company with annual sales of approximately $2.6 billion. The Columbus, Ohio based company is North America’s premier value added steel processor and a leader in manufactured metal products such as light gauge steel framing for commercial and residential construction; framing systems and stairs for mid-rise buildings; pressure cylinder products such as propane, oxygen and helium tanks, hand torches, camping cylinders, and scuba tanks; current and past model automotive service stampings; metal ceiling grid systems; steel pallets and racks; and laser welded blanks. Worthington employs approximately 6,400 people and operates 61 facilities in 10 countries.
Safe Harbor Statement
The company wishes to take advantage of the Safe Harbor provisions included in the Private Securities Litigation Reform Act of 1995 ("the Act").
