Since 2010, we have acquired 20 companies. Through these acquisitions, we have bolstered our capabilities and have gained exposure to the alternative fuels, oil and gas, consumer products, and life sciences end markets.
LATEST ACQUISITIONS
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Amtrol - (2017)
Worthington Industries acquired Amtrol, a leading manufacturer of pressure cylinders and water system tanks. The acquisition strengthens Worthington's industrial gas and consumer products businesses and complements the refrigerant cylinder manufacturing capabilities. Worthington and Amtrol's manufacturing operations are similar and have significant overlap in distribution channels. |
ACQUISITIONS IN INDUSTRIAL GAS
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Taylor Wharton - CryoScience - (2015)
Worthington Industries purchased the assets of the global CryoScience business of Taylor Wharton, including the company's manufacturing facility located in Theodore, Ala. Worthington also acquired intellectual and manufacturing property focused on the cryogenic industrial and LNG markets. |
ACQUISITIONS IN STEEL PROCESSING
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Rome Strip Steel Company - (2015)
Located in Rome, New York, Rome Strip Steel specializes in manufacturing cold rolled steel to extremely tight tolerances, which is primarily used in the automotive industry. The acquisition adds a third, high value-add, cold rolling and annealing facility to the Company. |
ACQUISITIONS IN ALTERNATIVE FUELS
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Trilogy - Fuel Systems - (2015)
The Pressure Cylinders segment acquired the CNG fuel solutions assets of Trilogy Engineered Solutions. Trilogy's extended-range hybrid back of cab and vocational rail mount models add to Worthington's innovative fuel system portfolio for medium and heavy-duty truck applications.
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Aritas - (2014)
Worthington Industries acquired a 75 percent stake in ARITAS, one of Europe's leading LNG (liquefied natural gas) and cryogenic technology companies. The facility, located in Turkey, manufactures cryogenic storage and transport tanks, and ISO containers in varying capacities.
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ACQUISITIONS IN OIL & GAS
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Westerman Companies - (2012)
Worthington acuqired Westerman Companies, a leading manufacturer of highly technical products for global energy markets, including tanks and pressure vessels for the oil and gas, nuclear and marine markets.
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Midstream Equipment - (2014)
Located in Skiatook, Okla., Midstream Equipment manufactures patented horizontal heated and high pressure separators used to separate oilfield fluids and gas for drilling in the Eagle Ford Shale. The facility is also situated to serve customers in the Permian Basin. |
OTHER ACQUIRED PLATFORMS
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Coleman - (Certain Assets) - (2011)
Worthington Industries purchased the propane fuel cylinder assets of Coleman, acquiring the Coleman facility located in Maize, Kansas. The facility manufactures 16 oz. propane fuel cylinders under the Coleman trademark, which are primarily used for camping.
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Bernzomatic - (2011)
Worthington Industries purchased the Bernzomatic brand from Newell Rubbermaid Inc., acquiring manufacturing facilities located in North Carolina and New York. Bernzomatic is known for manufacturing hand-held torches, solder guns, torch/fuel kits and accessories.
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NEW PLATFORM CRITERIA:
- Exposure to attractive mega trends/macro growth drivers
- Highly-engineered or technology-enabled products and services in diverse markets
- EBITDA Margins > 10%
- Demonstrable competitive advantage
- Headquartered in North America
STRATEGIC ADD-ONS:
- Pressure Cylinders: oil and gas equipment and associated services, consumer products/retail, cryogenic equipment and services for industrial gas, LNG, and life science applications
- Steel Processing: high value-added steel processing, automotive lightweighting technologies
M&A APPROACH AND PROCESS:
- Assess opportunities quickly but thoughtfully
- Strong balance sheet and profitability (FY2015 Adj. EBITDA of $328 million) provide ample liquidity for new acquisitions