Worthington delves further into energy markets

Worthington Industries’ pressure cylinders segment acquired the Westerman Companies, a manufacturer of tanks and pressure vessels for the oil and gas, nuclear and marine markets, Worthington announced in September. The purchase price was $70 million, of which about $6 million went to pay down Westerman debt.

Westerman’s customer base includes companies active in the drilling of the Utica and Marcellus shale formations, says Worthington Industries Chairman and CEO John McConnell.

Westerman was founded and is headquartered in Bremen, Ohio. It has about 220 employees and generated sales for its fiscal year ended May 31 of $71.8 million.