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Worthington Enterprises completes separation of Worthington Steel

December 8, 2023 By    

Worthington Enterprises Inc., formerly Worthington Industries Inc., an industrial manufacturing company, completed the previously announced separation of its steel processing business, Worthington Steel Inc., into a standalone, publicly traded company.

Andy Rose, president and CEO of Worthington Enterprises, called the separation a “major milestone in Worthington’s history.”

“As separate companies, both Worthington Enterprises and Worthington Steel will be better able to serve their respective customers, deliver on their more focused strategic priorities and create superior long-term shareholder value,” he says. “I want to thank our teams for their hard work successfully executing this separation, and I look forward to seeing all that both companies will accomplish going forward.”

The spin-off distribution was completed at 12:01 a.m. Eastern time on Dec. 1 to shareholders of record as of the close of business on Nov. 21. Worthington Enterprises shareholders received one common share of Worthington Steel for every one common share of Worthington Industries they held on the November record date.

Company specialties

Worthington Enterprises is a designer and manufacturer of building products, consumer products and sustainable energy solutions. It is positioned to capitalize on trends in sustainability, technology, remodeling and construction, and outdoor living, according to the company. Its common stock continues trading on the New York Stock Exchange (NYSE) under the ticker symbol “WOR.”

Worthington manufactures different types and sizes of propane tanks and cylinders. This includes heating and system propane tanks, forklift cylinders, portable propane cylinders and aluminum outdoor equipment cylinders. In addition, the Worthington Enterprises SmartLid integrates Otodata’s remote tank monitoring technology into a polypropylene lid.

Worthington Steel is a metals processor with expertise in carbon flat-roll steel processing, electrical steel lamination and tailor welding. Headquartered in Columbus, Ohio, it operates 31 facilities in seven states and five countries with 4,500 employees. Its common stock began “regular-way” trading on the NYSE under the ticker symbol “WS.”

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About the Author:

Brian Richesson is the editor in chief of LP Gas Magazine. Contact him at brichesson@northcoastmedia.net or 216-706-3748.

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