Worthington Enterprises (NYSE: WOR), a designer and manufacturer of
market-leading brands that enable people to live safer, healthier
and more expressive lives, today announced the signing of two
definitive agreements with Hexagon Composites ASA (OSE: HEX.OL) of
Norway. One agreement is to acquire 100 percent of Hexagon Ragasco
and a second agreement is to sell 49 percent of Worthington’s
Sustainability Energy Solutions (SES) business segment to Hexagon
Composites forming a joint venture with the company. The two
transactions will extend Worthington’s global position in cylinder
manufacturing and strengthen its position to capitalize on the
storage, transport and distribution of gases supporting the global
clean energy transition including propane (LPG), hydrogen and
compressed natural gas. The formation of the joint venture was
completed today, and the acquisition of Hexagon Ragasco is expected
to close on or around June 3, 2024.
Acquisition of Hexagon
Ragasco
Worthington plans to acquire Hexagon Ragasco, a
global market leader in lightweight, customizable LPG composite
cylinders used for leisure, household and industrial applications,
for approximately $98 million, which is subject to customary
closing adjustments and a potential earn out based on the financial
performance of the business through the remainder of calendar year
2024. Hexagon Ragasco had adjusted calendar year 2023 sales of
approximately $64 million and EBITDA of $12.7 million. The business
employs approximately 130 people in Norway and sells its products
in more than 100 countries.
Hexagon Ragasco manufactures its cylinders in an
automated facility in Raufoss, Norway. The company’s innovative and
technology-enabled manufacturing capabilities, along with its
ability to easily customize cylinders, make Hexagon Ragasco’s
cylinders among the most efficiently produced and
quality-consistent composite LPG cylinders in the world. The
addition of Hexagon Ragasco furthers Worthington’s interests in
advancing the use of clean fuels as part of the global energy
transition.
Hexagon Ragasco will become part of the Building
Products segment at Worthington Enterprises that delivers products
and solutions for heating, cooling, construction and water
applications worldwide. Worthington Enterprises is one of the
world’s leading manufacturers of cylinders for these markets. The
planned acquisition also expands the Company’s operational
footprint in Europe where its Amtrol-Alfa facility in Portugal
makes a wide range of cylinders.
“Hexagon Ragasco is one of the pioneers of the
composite cylinder,” said Jimmy Bowes, president, Building
Products, Worthington Enterprises. “They’ve been bringing
innovative products to the market for more than 20 years that are
raising expectations of the performance, quality and capabilities
of an LPG cylinder. We’ve followed their growth closely and believe
that their composite cylinders are a great complement to our
existing cylinder business. We can’t wait to get started with the
exceptional team at Hexagon Ragasco.”
Creation of Worthington Enterprises and
Hexagon Composites Joint Venture
Hexagon Composites acquired 49 percent of
Worthington’s SES business segment for approximately $10 million to
form a joint venture focused on capitalizing on the global clean
energy transition specific to the storage, transport and
distribution of hydrogen and compressed natural gas. Worthington
Enterprises will maintain 49 percent ownership and the existing
executive management team will hold the remaining two percent.
Based in Europe, the SES business segment has more than 500
employees working in its Austria, Germany and Poland
facilities.
Andy Rose, president and chief executive officer,
Worthington Enterprises, said, “The creation of a joint venture
with Hexagon is an opportunity to bring in an experienced partner
and work together to develop the next phase of the SES business in
an evolving marketplace. Their investment reflects the strength of
our reputation, achievements to date and the potential of the
business. We are grateful to our SES team for their dedication, and
we look forward to continuing to support their efforts.”
Worthington Enterprises has a long history of
effectively leveraging joint ventures as part of its growth
strategy bringing together two partners to make a business stronger
and more successful. Currently, the Company participates in two
primary joint ventures. Worthington Armstrong Venture
(WAVE)Armstrong Venture (WAVE), which was formed in 1992, provides
ceiling solutions for commercial and residential locations, and
ClarkDietrich, which was formed in 2011, offers products and
services for cold-formed steel framing and drywall/plastering
finishing systems.
A presentation with more information on the
transactions can be found on the investor relations section of the
Company’s website.
About Worthington Enterprises
Worthington Enterprises (NYSE: WOR) is a designer and manufacturer
of market-leading brands that help enable people to live safer,
healthier and more expressive lives. The Company operates with
three business segments: Building Products, Consumer Products and
Sustainable Energy Solutions. Worthington’s emphasis on innovation
and transformation extends to building products including heating
and cooling solutions, water systems, architectural and acoustical
grid ceilings and metal framing and accessories, and consumer
products in tools, outdoor living and celebrations categories sold
under brand names Balloon Time®, Bernzomatic®, Coleman®,
Garden-Weasel®, General®, HALO™, Hawkeye™, Level5 Tools®, Mag
Torch®, Pactool International® and Well-X-Trol®. The Company serves
the growing global hydrogen ecosystem through on-board fueling
systems and gas containment solutions.
Headquartered in Columbus, Ohio, Worthington
Enterprises employs approximately 5,000 people throughout North
America and Europe.
Founded in 1955 as Worthington Industries,
Worthington Enterprises follows a people-first Philosophy with
earning money for its shareholders as its first corporate goal.
Worthington Enterprises achieves this outcome by empowering its
employees to innovate, thrive and grow with leading brands in
attractive markets that improve everyday life. The Company engages
deeply with local communities where it has operations through
volunteer efforts and The Worthington Companies Foundation,
participates actively in workforce development programs and reports
annually on its corporate citizenship and sustainability efforts.
For more information, visit worthingtonenterprises.com.
Forward-Looking Statements
Statements by Worthington Enterprises that are not limited to
historical information constitute “forward-looking statements”
under federal securities laws. Forward-looking statements are
subject to various risks, uncertainties and other factors that may
cause actual results to differ materially from those expected by
Worthington Enterprises. Readers should evaluate forward-looking
statements in the context of such risks, uncertainties and other
factors, many of which are described in Worthington Enterprises’
filings with the Securities and Exchange Commission (“SEC”).
Forward-looking statements are qualified by the cautionary
statements included in Worthington Enterprises’ SEC filings and
other public communications. This press release speaks only as of
the date hereof. Worthington Enterprises does not undertake any
obligation to update or revise its forward-looking statements
except as required by applicable law or regulation.
Sonya L. HigginbothamSenior
Vice PresidentChief of Corporate Affairs, Communications and
Sustainability614.438.7391sonya.higginbotham@wthg.com
Marcus A. RogierTreasurer and
Investor Relations Officer614.840.4663marcus.rogier@wthg.com
200 West
Old Wilson Bridge Rd.Columbus, Ohio 43085WorthingtonEnterprises.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9cb8cd7b-f5c0-4668-9a59-3743969476c0
Worthington Enterprises (NYSE:WOR)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Worthington Enterprises (NYSE:WOR)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024