Worthington Industries Reveals New Company Identities Ahead of Anticipated December Separation

Worthington Industries, Inc. (the “Company”), a leading industrial manufacturing company, today announced the names and branding for the two companies resulting from the planned separation. Worthington Enterprises will include the Company’s Building Products, Consumer Products and Sustainable Energy Solutions businesses. Worthington Steel will be the Company’s Steel Processing business. The separation is expected to occur as early as December 2023, ahead of the originally projected timing of early 2024. 

The Worthington Enterprises name represents the organization’s strong heritage, entrepreneurial spirit, and market-leading brands and innovative products that improve lives.  

“We felt that keeping Worthington in our name was important because we will continue to operate by Our Philosophy and Golden Rule principles,” said Andy Rose, president and chief executive officer of Worthington Industries, who will continue in the same role for Worthington Enterprises. “The word ‘Enterprises’ is most often associated with entrepreneurial ventures – and that is who we are at Worthington Enterprises. We are entrepreneurs, designers, manufacturers, and acquirers of innovative brands and products in attractive end markets.”

Worthington Steel honors the legacy of the Company’s history with a return to the original name of the steel processing business John H. McConnell founded in 1955. The icon is equally sharp-edged and smooth, alluding to the versatility of steel as a raw material and the role it will play in the energy transition. 

Geoff Gilmore, chief operating officer and executive vice president, Worthington Industries, will become president and chief executive officer of Worthington Steel. He said, “Our entire team is energized to boldly lead the metals industry into a sustainable future as the most trusted, most innovative and most value-added metals processing partner in North America and beyond. Based on our legacy, reputation of dependability and forward-thinking, and our people-first principles, we are well positioned to partner with customers to provide steel processing, electrical steel laminations, tailor welded solutions and other value-added services to serve growing markets.”

Both Worthington Enterprises and Worthington Steel will be headquartered in Columbus, Ohio. 

Investor and Analyst Day 2023

Worthington Industries will host an Investor and Analyst Day on October 11 in New York City where future senior leaders representing Worthington Enterprises and Worthington Steel will provide an in-depth review of their strategies to drive long-term growth and shareholder value.

The Worthington Enterprises session begins at 9:30 a.m. ET. Andy Rose, president and chief executive officer, Joseph Hayek, executive vice president, chief financial and operations officer, and other members of management are scheduled to deliver presentations.

The Worthington Steel session begins at 1 p.m. ET. Geoff Gilmore, president and chief executive officer, Tim Adams, vice president and chief financial officer and Jeff Klingler, executive vice president and chief operating officer are scheduled to deliver presentations.

Investors and analysts interested in participating virtually may register at this link. In-person attendance is by invitation only because of limited capacity.  To request an invitation, please contact Investors@WorthingtonIndustries.com.  

An archived webcast will be available for up to one year in the Events & Presentations section of the Company’s Investor Relations website. 

*Editor’s Note: Please email Communications@WorthingtonIndustries.com to request a Worthington Enterprises and/or Worthington Steel logo file. 

About Worthington Industries

Worthington Industries (NYSE:WOR) is a leading industrial manufacturing company pursuing its vision to be the transformative partner to its customers, a positive force for its communities and earn exceptional returns for its shareholders. For over six decades, the Company has been delivering innovative solutions to customers spanning industries such as automotive, energy, retail and construction. Worthington is North America’s premier value-added steel processor and producer of laser welded solutions and electrical steel laminations that provide lightweighting, safety critical and emission reducing components to the mobility market. Through on-board fueling systems and gas containment solutions, Worthington serves the growing global hydrogen ecosystem. The Company’s focus on innovation and manufacturing expertise extends to market-leading consumer products in tools, outdoor living and celebrations categories, sold under brand names, Coleman®, Bernzomatic®, Balloon Time®, Level5 Tools®, Mag Torch®, Well-X-Trol®, General®, Garden-Weasel®, Pactool International® and Hawkeye™; as well as market leading building products, including water systems, heating & cooling solutions, architectural and acoustical grid ceilings and metal framing and accessories. Headquartered in Columbus, Ohio, Worthington operates 52 facilities in 15 states and nine countries, sells into over 90 countries and employs approximately 9,000 people. Founded in 1955, the Company follows a people-first Philosophy with earning money for its shareholders as its first corporate goal. Relentlessly finding new ways to drive progress and transform, Worthington is committed to providing better solutions for customers and bettering the communities where it operates by reducing waste, supporting community-based non-profits and developing the next generations of makers.

Contact:

Sonya L. Higginbotham – Vice President, Corporate Communications & Brand Management – sonya.higginbotham@worthingtonindustries.com – (614) 438-7391

Source: Worthington Industries, Inc.