Columbus-based Worthington Industries Inc. (NYSE: WOR) has acquired a majority ownerships stake in a joint venture that is adding a recently acquired Worthington operation in Cleveland.
Worthington, a diversified metals manufacturing company, announced in a news release on Monday morning, Jan. 6, that it's now the majority owner of the Samuel Steel Pickling Co., a joint venture Worthington has had with Samuel, Son & Co. since 2010.
The joint venture now will be called Worthington Samuel Coil Processing LLC, and its earnings will be consolidated into Worthington's Steel Processing business unit, according to the release. Worthington now has a 63% interest in the joint venture, while Samuel holds a 37% stake.
Specific terms of the deal were not disclosed. The transaction includes adding to the joint venture Worthington's recently acquired Heidtman Cleveland facility at 4600 Heidtman Parkway, adjacent to the ArcelorMittal steel mill. That 278,000-square-foot facility, constructed in 2004, includes pickling and slitting of hot-rolled carbon flat-rolled steel for the automotive, heavy truck, agriculture and heavy equipment markets. Worthington bought that operation in October.
"Adding the Heidtman Cleveland facility will enhance the joint venture's pickling capabilities in this area," said Worthington chairman and CEO John McConnell in a statement. "Leveraging the strengths and capabilities of these facilities will allow us to better serve our customers in this market."
The addition of the Heidtman facility means the joint venture will include about 170 employees working at three Northeast Ohio operations — one in Twinsburg and two in Cleveland.
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January 06, 2020 at 11:39PM
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Worthington Industries of Columbus adds Heidtman steel processing facility in Cleveland to a joint venture - Crain's Cleveland Business
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