Worthington Industries, Inc. (NYSE: WOR), a leading industrial
manufacturing company, today announced the names and branding for
the two companies resulting from the planned separation.
Worthington Enterprises will include the Company’s Building
Products, Consumer Products and Sustainable Energy Solutions
businesses. Worthington Steel will be the Company’s Steel
Processing business. The separation is expected to occur as early
as December 2023, ahead of the originally projected timing of early
2024.
The Worthington Enterprises name represents the organization’s
strong heritage, entrepreneurial spirit, and market-leading brands
and innovative products that improve lives.
“We felt that keeping Worthington in our name was important
because we will continue to operate by Our Philosophy and Golden
Rule principles,” said Andy Rose, president and chief executive
officer of Worthington Industries, who will continue in the same
role for Worthington Enterprises. “The word ‘Enterprises’ is most
often associated with entrepreneurial ventures – and that is who we
are at Worthington Enterprises. We are entrepreneurs, designers,
manufacturers, and acquirers of innovative brands and products in
attractive end markets.”
Worthington Steel honors the legacy of the Company’s history
with a return to the original name of the steel processing business
John H. McConnell founded in 1955. The icon is equally sharp-edged
and smooth, alluding to the versatility of steel as a raw material
and the role it will play in the energy transition.
Geoff Gilmore, chief operating officer and executive vice
president, Worthington Industries, will become president and chief
executive officer of Worthington Steel. He said, “Our entire team
is energized to boldly lead the metals industry into a sustainable
future as the most trusted, most innovative and most value-added
metals processing partner in North America and beyond. Based on our
legacy, reputation of dependability and forward-thinking, and our
people-first principles, we are well positioned to partner with
customers to provide steel processing, electrical steel
laminations, tailor welded solutions and other value-added services
to serve growing markets.”
Both Worthington Enterprises and Worthington Steel will be
headquartered in Columbus, Ohio.
Investor and Analyst Day 2023Worthington
Industries will host an Investor and Analyst Day on October 11 in
New York City where future senior leaders representing Worthington
Enterprises and Worthington Steel will provide an in-depth review
of their strategies to drive long-term growth and shareholder
value.
The Worthington Enterprises session begins at 9:30 a.m. ET. Andy
Rose, president and chief executive officer, Joseph Hayek,
executive vice president, chief financial and operations officer,
and other members of management are scheduled to deliver
presentations.
The Worthington Steel session begins at 1 p.m. ET. Geoff
Gilmore, president and chief executive officer, Tim Adams, vice
president and chief financial officer and Jeff Klingler, executive
vice president and chief operating officer are scheduled to deliver
presentations.
Investors and analysts interested in participating virtually may
register at this link. In-person attendance is by invitation only
because of limited capacity. To request an invitation, please
contact Investors@WorthingtonIndustries.com.
An archived webcast will be available for up to one year in the
Events & Presentations section of the Company’s Investor
Relations website.
*Editor’s Note: Please email
Communications@WorthingtonIndustries.com to request a Worthington
Enterprises and/or Worthington Steel logo file.
About Worthington IndustriesWorthington
Industries (NYSE:WOR) is a leading industrial manufacturing company
pursuing its vision to be the transformative partner to its
customers, a positive force for its communities and earn
exceptional returns for its shareholders. For over six decades, the
Company has been delivering innovative solutions to customers
spanning industries such as automotive, energy, retail and
construction. Worthington is North America’s premier
value-added steel processor and producer of laser welded solutions
and electrical steel laminations that provide lightweighting,
safety critical and emission reducing components to the mobility
market. Through on-board fueling systems and gas containment
solutions, Worthington serves the growing global hydrogen
ecosystem. The Company’s focus on innovation and manufacturing
expertise extends to market-leading consumer products in tools,
outdoor living and celebrations categories, sold under brand names,
Coleman®, Bernzomatic®, Balloon Time®, Level5 Tools®, Mag Torch®,
Well-X-Trol®, General®, Garden-Weasel®, Pactool International® and
Hawkeye™; as well as market leading building products, including
water systems, heating & cooling solutions, architectural and
acoustical grid ceilings and metal framing and
accessories.Headquartered in Columbus, Ohio, Worthington operates
52 facilities in 15 states and nine countries, sells into over 90
countries and employs approximately 9,000 people. Founded in 1955,
the Company follows a people-first Philosophy with earning money
for its shareholders as its first corporate goal. Relentlessly
finding new ways to drive progress and transform, Worthington is
committed to providing better solutions for customers and bettering
the communities where it operates by reducing waste, supporting
community-based non-profits and developing the next generations of
makers.
Safe Harbor StatementSelected statements
contained in this release constitute “forward-looking statements,”
as that term is used in the Private Securities Litigation Reform
Act of 1995 (the “Act”). Worthington Industries, Inc. (the
“Company”) wishes to take advantage of the Safe Harbor provisions
included in the Act. Forward-looking statements reflect the
Company’s current expectations, estimates or projections concerning
future results or events. These statements are often identified by
the use of forward-looking words or phrases such as “believe,”
“expect,” “anticipate,” “may,” “could,” “should,” “would,”
“intend,” “plan,” “will,” “likely,” “estimate,” “project,”
“position,” “strategy,” “target,” “aim,” “seek,” “foresee,” or
other similar words or phrases. These forward-looking statements
include, without limitation, statements relating to: future or
expected cash positions, liquidity and ability to access financial
markets and capital; outlook, strategy or business plans; the
intended separation (the “Separation”) of the Company’s Steel
Processing business (“Worthington Steel”) from the Company’s other
businesses (“New Worthington”); the timing and method of the
Separation; the anticipated benefits of the Separation; the
expected financial and operational performance of, and future
opportunities for, each of the two independent, publicly-traded
companies following the Separation; the tax treatment of the
Separation transaction; the leadership of each of the two
independent, publicly-traded companies following the Separation;
the ever-changing effects of the novel coronavirus (“COVID-19”)
pandemic and the various responses of governmental and
nongovernmental authorities thereto (such as fiscal stimulus
packages, quarantines, shut downs and other restrictions on travel
and commercial, social or other activities) on economies (local,
national and international) and markets, and on our customers,
counterparties, employees and third-party service providers; future
or expected growth, growth potential, forward momentum,
performance, competitive position, sales, volumes, cash flows,
earnings, margins, balance sheet strengths, debt, financial
condition or other financial measures; pricing trends for raw
materials and finished goods and the impact of pricing changes; the
ability to improve or maintain margins; expected demand or demand
trends for the Company or its markets; additions to product lines
and opportunities to participate in new markets; expected benefits
from transformation and innovation efforts; the ability to improve
performance and competitive position at the Company’s operations;
anticipated working capital needs, capital expenditures and asset
sales; anticipated improvements and efficiencies in costs,
operations, sales, inventory management, sourcing and the supply
chain and the results thereof; projected profitability potential;
the ability to make acquisitions and the projected timing, results,
benefits, costs, charges and expenditures related to acquisitions,
joint ventures, headcount reductions and facility dispositions,
shutdowns and consolidations; projected capacity and the alignment
of operations with demand; the ability to operate profitably and
generate cash in down markets; the ability to capture and maintain
market share and to develop or take advantage of future
opportunities, customer initiatives, new businesses, new products
and new markets; expectations for Company and customer inventories,
jobs and orders; expectations for the economy and markets or
improvements therein; expectations for generating improving and
sustainable earnings, earnings potential, margins or shareholder
value; effects of judicial rulings; and other non-historical
matters.
Because they are based on beliefs, estimates and assumptions,
forward-looking statements are inherently subject to risks and
uncertainties that could cause actual results to differ materially
from those projected. Any number of factors could affect actual
results, including, without limitation, those that follow:
obtaining final approval of the Separation by the Worthington
Industries, Inc. Board of Directors; the uncertainty of obtaining
regulatory approvals in connection with the Separation, including
rulings from the Internal Revenue Service; the ability to satisfy
the necessary closing conditions to complete the Separation on a
timely basis, or at all; the Company’s ability to successfully
separate the two independent companies and realize the anticipated
benefits of the Separation; the effect of conditions in national
and worldwide financial markets, including inflation, increases in
interest rates and economic recession, and with respect to the
ability of financial institutions to provide capital; the risks,
uncertainties and impacts related to the COVID-19 pandemic – the
duration, extent and severity of which are impossible to predict,
including the possibility of future resurgence in the spread of
COVID-19 or variants thereof – and the availability, effectiveness
and acceptance of vaccines, and other actual or potential public
health emergencies and actions taken by governmental authorities or
others in connection therewith; the effect of national, regional
and global economic conditions generally and within major product
markets, including significant economic disruptions from COVID-19,
the actions taken in connection therewith and the implementation of
related fiscal stimulus packages; the impact of tariffs, the
adoption of trade restrictions affecting the Company’s products or
suppliers, a United States (“U.S.”) withdrawal from or significant
renegotiation of trade agreements, the occurrence of trade wars,
the closing of border crossings, and other changes in trade
regulations or relationships; changing commodity prices and/or
supply; product demand and pricing; changes in product mix, product
substitution and market acceptance of the Company’s products;
volatility or fluctuations in the pricing, quality or availability
of raw materials (particularly steel), supplies, transportation,
utilities, labor and other items required by operations (especially
in light of the COVID-19 pandemic and Russia’s invasion of
Ukraine); effects of sourcing and supply chain constraints; the
outcome of adverse claims experience with respect to workers’
compensation, product recalls or product liability, casualty events
or other matters; effects of facility closures and the
consolidation of operations; the effect of financial difficulties,
consolidation and other changes within the steel, automotive,
construction and other industries in which the Company
participates; failure to maintain appropriate levels of
inventories; financial difficulties (including bankruptcy filings)
of original equipment manufacturers, end-users and customers,
suppliers, joint venture partners and others with whom the Company
does business; the ability to realize targeted expense reductions
from headcount reductions, facility closures and other cost
reduction efforts; the ability to realize cost savings and
operational, sales and sourcing improvements and efficiencies, and
other expected benefits from transformation initiatives, on a
timely basis; the overall success of, and the ability to integrate,
newly-acquired businesses and joint ventures, maintain and develop
their customers, and achieve synergies and other expected benefits
and cost savings therefrom; capacity levels and efficiencies,
within facilities, within major product markets and within the
industries in which the Company participates as a whole; the effect
of disruption in the business of suppliers, customers, facilities
and shipping operations due to adverse weather, casualty events,
equipment breakdowns, labor shortages, interruption in utility
services, civil unrest, international conflicts (especially in
light of Russia’s invasion of Ukraine), terrorist activities or
other causes; changes in customer demand, inventories, spending
patterns, product choices, and supplier choices; risks associated
with doing business internationally, including economic, political
and social instability (especially in light of Russia’s invasion of
Ukraine), foreign currency exchange rate exposure and the
acceptance of the Company’s products in global markets; the ability
to improve and maintain processes and business practices to keep
pace with the economic, competitive and technological environment;
the effect of inflation, interest rate increases and economic
recession, as well as potential adverse impacts as a result of the
Inflation Reduction Act of 2022, which may negatively impact the
Company’s operations and financial results; deviation of actual
results from estimates and/or assumptions used by the Company in
the application of its significant accounting policies; the level
of imports and import prices in the Company’s markets; the impact
of environmental laws and regulations or the actions of the U.S.
Environmental Protection Agency or similar regulators which
increase costs or limit the Company’s ability to use or sell
certain products; the impact of increasing environmental,
greenhouse gas emission and sustainability regulations and
considerations; the impact of judicial rulings and governmental
regulations, both in the U.S. and abroad, including those adopted
by the U.S. Securities and Exchange Commission and other
governmental agencies as contemplated by the Coronavirus Aid,
Relief and Economic Security (CARES) Act, the Consolidated
Appropriations Act, 2021, the American Rescue Plan Act of 2021, and
the Dodd-Frank Wall Street Reform and Consumer Protection Act of
2010; the effect of healthcare laws in the U.S. and potential
changes for such laws, which may increase the Company’s healthcare
and other costs and negatively impact the Company’s operations and
financial results; the effects of tax laws in the U.S. and
potential changes for such laws, which may increase the Company’s
costs and negatively impact its operations and financial results;
cyber security risks; the effects of privacy and information
security laws and standards; and other risks described from time to
time in the filings of Worthington Industries, Inc. with the U.S.
Securities and Exchange Commission, including those described in
“Part I – Item 1A. – Risk Factors” of the Annual Report on Form
10-K of Worthington Industries, Inc. for the fiscal year ended May
31, 2023.
The Company notes these factors for investors as contemplated by
the Act. It is impossible to predict or identify all potential risk
factors. Consequently, you should not consider the foregoing list
to be a complete set of all potential risks and uncertainties. Any
forward-looking statements in this release are based on current
information as of the date of this release, and the Company assumes
no obligation to correct or update any such statements in the
future, except as required by applicable law.
Contacts:SONYA L. HIGGINBOTHAMVP, CORPORATE
COMMUNICATIONS AND BRAND MANAGEMENT614.438.7391 |
sonya.higginbotham@worthingtonindustries.com
MARCUS A. ROGIERTREASURER AND INVESTOR
RELATIONS OFFICER614.840.4663 |
marcus.rogier@worthingtonindustries.com
200 Old Wilson Bridge Rd. | Columbus, Ohio
43085WorthingtonIndustries.com
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