Subscriber Login

MDM Premium Content  What's this?
Subscribe today to access MDM's premium content with two issues a month of timely and to-the-point content for the busy wholesale distribution executive. Here's what you get:
  • Analysis of distribution trends
  • Interviews with industry leaders
  • Quarterly Public Distributor Report
  • Quarterly Inflation by Commodity Group Report
  • Market and economic data analysis
  • Access to the best online research tool in distribution

And much more! Learn more

Forgot Your Password?

Worthington Industries Buys Gibraltar's Steel Processing Business

By    MDM  Staff 
February 1, 2010
Acquisition expands Worthington Steel's cold rolled strip business.
Text Size
Email Print ShareShare/Bookmark
Worthington Industries, Inc. (NYSE: WOR), Columbus, OH, announced its Steel Processing business segment has acquired the steel processing assets of Gibraltar Industries, Inc. (NASDAQ: ROCK). The acquisition will expand the capabilities of The Worthington Steel Company's cold rolled strip business.

"This is an excellent growth opportunity for Steel Processing to add higher margin business, while enhancing our capacity to serve existing customers, and new customers in new markets," said John McConnell, CEO of Worthington Industries. "Worthington Steel has shown continued improvement and profitability during tough economic conditions largely due to its Transformation efforts. The addition of this business will help accelerate our efforts to increase the earnings capacity of Worthington Steel."

Worthington acquired Gibraltar's Cleveland facility with the added capabilities to roll wider and lighter gauge material along with oscillate slitting. Also included in the transaction were the equipment and inventory of Gibraltar's Buffalo facility, and a warehouse facility in Detroit (Integrated Terminals).

As it exits the steel processing business, Gibraltar plans to begin an orderly process of closing the Buffalo facility and working with Worthington Steel to coordinate customer accounts as they are transferred to Cleveland and Columbus, OH.

Worthington also acquired a 31% interest in Samuel Steel Pickling, a joint venture with operations in Cleveland and Twinsburg, OH.

Print Email ShareShare/Bookmark
Use the form below to leave a comment
captcha

Please enter the text you see above:

Not sure? Give me another.
  • MDM Podcast

Think About It:
An E-Rep Success Story

It took 113 days for the E-rep to close its first deal. Hear about the process of getting there.
Listen now.

Learn more or subscribe to the Think About It podcast.

  • MDM Databank

Market Data for Dozens
of Product Groups

Not a subscriber? Order market analyses by pay-per-view. Also available in the MDM Databank: housing starts, industrial production, wholesale trade revenues, Producer Price Index and much more, posted monthly!

  • MDM Store

Benchmark Your
Work Force Plans

Now Available: If you missed the recent MDM Webcast on Managing Talent for the Recovery, order the transcript today for just $39.95. Go to the MDM Store.

Industry Topics

Distribution Trends RSS

Economy RSS

Management/Strategy RSS

Interviews RSS

Operations RSS

Technology RSS

Mergers/Acquisitions RSS

Case Studies RSS

Sales & Marketing RSS

MDM Premium



Featured Products

Cracking Accounts

Cracking Accounts: The Salesperson's Manual on Business to Business Selling

Reviews (0)
 
Price: $49.95
Improve bottom-line profit by increasing sales with the right customers for your business.
Leadership Rapid Learning Series

The Leadership Rapid Learning Series for Managers & Supervisors

Reviews (0)
 
Price: $249.00
Provides a baseline for new managers , and reinforces principles of strong leadership for your veterans.


Industry Data: Monthly Wholesale Trade

Source: U.S. Census Bureau

More details at the MDM  Databank