Worthington Industries Completes Split
By
Metal Center News Staff on
Dec 1, 2023
The steel processing side of Worthington Industries has completed its split from the company. Worthington Steel will remain a public company, traded on the New York Stock Exchange under the ticker symbol, "WS." The other side of the split will be referred to as Worthington Enterprises.
“[This] is a major milestone in Worthington’s history. As separate companies, both Worthington Enterprises and Worthington Steel will be better able to serve their respective customers, deliver on their more focused strategic priorities and create superior long-term shareholder value,” said Andy Rose, president and CEO, Worthington Enterprises. “I want to thank our teams for their hard work successfully executing this separation, and I look forward to seeing all that both companies will accomplish going forward.”
The spinoff distribution was completed at 12:01 a.m. EST on Dec. 1, to shareholders of record as of the close of business on Nov. 21. Worthington Enterprises shareholders received one common share of Worthington Steel for every one common share of Worthington Industries they held on the record date.
Worthington Steel will continue as a metals processor that partners with customers to deliver highly technical and customized solutions. Worthington Steel’s expertise is in carbon flat-roll steel processing, electrical steel lamination and tailor welding.
Worthington Steel will remain headquartered in Columbus, Ohio., operating 31 facilities in seven states and five countries. Its $4.1 billion in revenue in 2022 made it the fourth largest service center company in North America in the most recent
MCN Top 50.
Worthington Enterprises is a designer and manufacturer of innovative building products, consumer products and sustainable energy solutions. Worthington Enterprises will continue to pursue a growth strategy focused on leveraging its robust new product pipeline of innovative, sustainable, tech-enabled solutions to disrupt mature markets.