Worthington Expands Stake in Pickling Venture with Samuel
By Metal Center News Staff
on Jan 6, 2020
Worthington Industries Inc., Columbus, Ohio, has acquired majority ownership of Samuel Steel Pickling Company, a joint venture it has operated with Samuel, Son & Co., since 2010.
The transaction includes adding Worthington’s recently acquired Heidtman Cleveland facility to the joint venture, which also has facilities in Cleveland and Twinsburg, Ohio. The joint venture will now be called Worthington Samuel Coil Processing, LLC and its earnings will be consolidated into Worthington’s Steel Processing business unit. Worthington now has a 63 percent interest in the joint venture, and Samuel, Son & Co. holds a 37 percent interest.
“Adding the Heidtman Cleveland facility will enhance the joint venture’s pickling capabilities in this area,” said Worthington Industries Chairman and CEO John McConnell. “Leveraging the strengths and capabilities of these facilities will allow us to better serve our customers in this market.”
The new venture will include approximately 170 employees working at three facilities in northern Ohio, including one in Twinsburg and two located in Cleveland.