The 2020 Mid-Year Economic Update_long

Worthington Acquires Stake in LEFCO

Worthington Industries, Columbus, OH, announced that its subsidiary, Worthington Steelpac Systems, LLC, has acquired a 49% interest in LEFCO Industries, LLC, a minority business enterprise.&nbsp ; The resulting joint venture will become LEFCO Worthington, LLC.&nbsp ; In addition to continuing LEFCO's existing products, the joint venture will manufacture steel rack systems for a variety of industries, including automotive and trucking.&nbsp ;
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LEFCO operates a manufacturing facility in Cleveland, OH, where the company produces engineered wooden crates and specialty pallets.&nbsp ; Worthington Steelpac and LEFCO have been working in a strategic alliance for the past two years to assess opportunities for an MBE supplier in the steel rack fabrication market.&nbsp ; With ...

Worthington Industries, Columbus, OH, announced that its subsidiary, Worthington Steelpac Systems, LLC, has acquired a 49% interest in LEFCO Industries, LLC, a minority business enterprise.&nbsp ; The resulting joint venture will become LEFCO Worthington, LLC.&nbsp ; In addition to continuing LEFCO’s existing products, the joint venture will manufacture steel rack systems for a variety of industries, including automotive and trucking.&nbsp ;
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LEFCO operates a manufacturing facility in Cleveland, OH, where the company produces engineered wooden crates and specialty pallets.&nbsp ; Worthington Steelpac and LEFCO have been working in a strategic alliance for the past two years to assess opportunities for an MBE supplier in the steel rack fabrication market.&nbsp ; With Steelpac on board, the joint venture will now purchase tubular steel and fabricate metal racks to facilitate the movement of equipment and parts in manufacturing facilities.&nbsp ;
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This investment gives us the opportunity to expand our customer base and our rack business,” said Don Pulver, vice president of Worthington Steelpac.&nbsp ; “LEFCO will give Steelpac the potential to participate more broadly in the rack business by giving customers the option to purchase from an MBE-certified rack supplier.
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Worthington Steelpac, a Worthington Industries company, operates a manufacturing facility in Pennsylvania which designs and manufactures reusable custom platforms, racks, and pallets made of steel for supporting, protecting and handling products throughout the shipping process for industries such as automotive, lawn and garden and recreational vehicles.&nbsp ;
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Worthington Industries is a diversified metal processing company with annual sales of $3 billion.&nbsp ; Worthington Industries and its subsidiaries operate 67 facilities in 10 countries.

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