Worthington Industries, Inc. : Worthington Acquires Angus Industries
01/03/2012| 10:23am US/Eastern
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COLUMBUS, OH, Jan 03, 2012 (MARKETWIRE via COMTEX)
--Worthington Industries (NYSE: WOR) announced today that the
Company has acquired the stock of Angus Industries, based in
Watertown, S.D. Angus designs and manufactures high-quality,
custom-engineered open and enclosed cabs and operator
stations for a wide range of heavy mobile equipment in
several end-markets, including agriculture, construction and
mining. In addition to its South Dakota headquarters, the
company operates facilities in Northwood, Iowa, Greeneville,
Tenn. and Florence, S.C., with approximately 1,250 non-union
employees.
"Angus is a great addition, providing a new
manufacturing segment for our Company," said John
McConnell, Chairman and CEO. "They are a good fit with
our strategic objective to decrease earnings volatility and
bring higher value-added manufacturing. Additionally, they
are a market leader in the custom-engineered cab space and
our companies have similar people first cultures. They have a
dedicated workforce and a great management team with a focus
on continuous improvement." McConnell added, "We
are also pleased that we share some significant customers,
while providing different products and services. The Angus
end-markets will increase our presence in the construction,
agriculture and mining industries. We see opportunities to
invest in the business by adding domestic capacity, expanding
some capabilities, as well as targeting international
expansion to support customer growth."
Angus had over $200 million in revenue in 2011, and the
acquisition is expected to be accretive to earnings in its
first year. The Angus engineering team works closely with
customers providing new product design and testing. It also
fills key project management roles from the initial design
phase, to prototyping, testing, and tooling, through final
manufacturing and delivery of finished product. Manufacturing
capabilities include laser cutting, metal forming,
rolled-tube bending, curving, machining, robotic welding,
e-coating, painting and assembly. Angus will operate as a
stand-alone business segment, Engineered Cabs, in the
Worthington Industries portfolio of businesses.
Worthington purchased Angus for $180 million in cash funded
through its revolving credit facility, and proceeds from a
$50 million special dividend recently received from its WAVE
joint venture. Post-closing, Worthington has approximately
$568 million of funded debt and availability under its
revolving credit facilities of $184 million.
About Worthington Industries Worthington Industries is a
leading diversified metals manufacturing company with 2011
fiscal year sales of approximately $2.4 billion. The
Columbus, Ohio based company is North America's premier
value-added steel processor; a leader in manufactured
pressure cylinders, such as propane, oxygen and helium tanks,
hand-held torches, refrigerant and industrial tanks, camping
cylinders, compressed natural gas storage cylinders and scuba
tanks; framing systems and stairs for mid-rise buildings;
steel pallets and racks; and through joint ventures,
suspension grid systems for concealed and lay-in panel
ceilings, laser welded blanks; light gauge steel framing for
commercial and residential construction; and current and past
model automotive service stampings. Worthington, including
its joint ventures, employs approximately 8,500 people and
operates 76 facilities in 12 countries.
About Angus Industries Angus Industries was founded in 1969,
and is headquartered in Watertown, S.D., with operations in
Northwood, IA, Greeneville, Tenn., and Florence, S.C., with
approximately 1,250 non-union employees. Angus Industries is
the market leader in the design and manufacturing of
high-quality, custom-engineered operator cabs for heavy
mobile equipment. Angus' products represent a highly
technical and regulated component of mobile equipment that
helps keep operators protected, comfortable and productive.
Products range from cabs for small utility equipment to the
largest earthmovers in the world.
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"). Statements by the
Company related to potential growth and growth opportunities,
continuous improvement, increased capacity and capabilities,
international expansion, accretiveness to earnings and other
statements which are not historical information constitute
"forward looking statements" within the meaning of
the Act. All forward-looking statements are subject to risks
and uncertainties which could cause actual results to differ
from those projected. Factors that could cause actual results
to differ materially include, without limitation, the overall
success of, and the ability to integrate, newly-acquired
businesses and achieve synergies and other expected benefits
therefrom; changes in customer demand, outsourcing decisions,
spending patterns, product choices, and supplier choices; the
effect of economic conditions generally and within major
product markets; the effect of conditions in national and
worldwide financial markets; product demand and pricing;
changes in product mix, product substitution and market
acceptance of the products; fluctuations in the pricing,
quality or availability of raw materials, supplies,
transportation, utilities and other items required by
operations; the effect of financial difficulties,
consolidation and other changes within the industries in
which the Company participates; financial difficulties of
end-users and customers; the effect of disruption in the
business of suppliers, customers, facilities and shipping
operations due to adverse weather, casualty events, equipment
breakdowns, acts of war or terrorist activities or other
causes; risks associated with doing business internationally;
adverse claims experience, casualty events or other matters;
and other risks described from time to time in the
Company's filings with the United States Securities and
Exchange Commission.
CONTACTS:
Cathy M. Lyttle
VP, Corporate Communications and Investor Relations
Phone: (614) 438-3077
E-mail: Email Contact
Sonya L. Higginbotham
Director, Corporate Communications
Phone: (614) 438-7391
E-mail: Email Contact
SOURCE: Worthington Industries, Inc.
http://www2.marketwire.com/mw/emailprcntct?id=7CBF69F0ACB61868
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