Worthington Industries

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For the pump manufacturer, later a major diversified industrial conglomerate, see Worthington Corporation.


Worthington Industries
Type Public
Traded as NYSEWOR
Industry Metal fabrication
Founded 1955 (Columbus, Ohio)
Founder(s) John H. McConnell
Headquarters Columbus, Ohio, United States
Number of locations 81 facilities
Area served Worldwide
Key people John P. McConnell (Chairman & CEO)
Mark A. Russell (President & COO)
Andy Rose (Vice President & CFO)
Products Steel
Revenue Increase US$2.61 billion (FY 2013)
Operating income Increase US$129.14 million (FY 2013)
Net income Increase US$136.44 million (FY 2013)
Total assets Increase US$1.951 billion (FY 2013)
Total equity Increase US$830.82 billion (FY 2013)
Employees 10,500
Website www.worthingtonindustries.com
References: [1]

Worthington Industries is a global diversified metals manufacturing company with 2013 fiscal year sales of $2.6 billion. The Columbus, Ohio based company is a steel processor and manufacturer of pressure cylinder, such as propane, oxygen and helium tanks, hand torches, refrigerant and industrial cylinders, camping cylinders, exploration, recovery and production products for global energy markets; scuba tanks, and compressed natural gas storage cylinders; custom-engineered open and enclosed cabs and operator stations for heavy mobile equipment; framing systems for mid-rise buildings; steel pallets and racks for shipping. In addition to its three primary business units (steel processing, pressure cylinders and engineered cabs), the company’s approximately 10 joint ventures also focus on metals-related markets.[2]

Overview[edit]

Worthington Cylinders is a global manufacturer of pressure cylinders for retail, industrial, natural gas fuel and energy markets.

Divisions[edit]

  • Worthington Steel is America's largest independent processor of flat-rolled steel. The company takes steel from steel producers and processes it for customers in a variety of industries including automotive, lawn and garden, construction, hardware, office furniture, electrical control, leisure and recreation, appliance, agriculture and HVAC.[3]
  • Worthington Cylinders is a global supplier of pressure cylinders. The company manufactures cylinders used in multiple capacities including liquefied petroleum gas cylinders used for gas grills and camping cylinders; refrigerant cylinders used for air conditioning systems; specialty high-pressure cylinders such as oxygen tanks used for diving and hand torches used by professionals or do-it-yourselfers; compressed natural gas (CNG) storage tanks for the alternative fuels market; process equipment and storage tanks for the oil and gas industry; and consumer products like BalloonTime helium balloon kits.[4]
  • Angus-Palm is a designer and manufacturer of custom-engineered open and enclosed cabs and operator stations for a wide range of heavy mobile equipment operating in the agriculture, construction, mining, military, material handling and forestry end markets.[2]
  • Worthington Steelpac Worthington Steelpac produces customized crates, steel pallets and racks used for shipping products. Steelpac products are used for shipping in several industries and applications such as motorcycles, lawn and garden equipment and jet skis.[5]
  • Worthington Construction Group manufactures, designs and engineers the construction of light gauge steel framed residential buildings in emerging international markets.[6]
  • Worthington Energy Innovations (formerly PSI Energy Solutions) designs and implements energy efficiency projects that help manufacturers and businesses reduce energy costs and GHG emissions.[7]

Joint ventures[edit]

  • ArtiFlex Manufacturing is a joint venture with Worthington’s automotive stamping company (formerly Gerstenslager) and International Tooling Solutions that offers integrated solutions for engineering, tooling, stamping and assembly.
  • ClarkDietrich Building Systems, a joint venture between ClarkWestern and Dietrich Metal Framing, manufactures light-gauge metal framing and finishing products, systems and services for commercial and residential construction.
  • Samuel Steel Pickling Company is a joint venture between Samuel, Son & Co., Limited and Worthington Steel with two pickling operations that have a combined capacity to pickle 750,000 tons of steel per year.
  • Serviacero Worthington, a Worthington Industries-Serviacero Planos joint venture, operates three steel service centers in Mexico, providing services such as slitting, pickling, multi-blanking and cutting-to-length to customers in a variety of industries including automotive, appliance, electronics and heavy equipment.
  • Spartan Steel Coating is a joint venture with Severstal North America. Located in Monroe, Michigan, Spartan is capable of producing 600,000 tons annually of light gauge hot-dipped galvanized steel, primarily for value-added automotive applications.
  • TWB Company in Monroe, Mich., Prattville, Alabama and Ramos Arizpe, Hermosillo and Puebla, Mexico, is a joint venture with ThyssenKrupp that produces laser welded blanks for the automotive industry.
  • Worthington Armstrong Venture (WAVE), a joint venture of Worthington and Armstrong World Industries produces suspended metal ceiling grids.
  • Worthington Modern Steel Framing System Co. is a joint venture with Hubei Modern Urban Construction & Development Group Co., Ltd. of China that manufactures light gauge steel framing products and designs, engineers and supplies light gauge steel-framed mid-rise residential buildings in the Central Chinese provinces of Hubei, Hunan, Henan, Jiangxi and Anhui.
  • Worthington Nitin Cylinders is a 60% Worthington-owned joint venture with Nitin Cylinders Limited. Located in Visakhapatnam, India, the company manufactures high pressure, seamless steel cylinders for compressed natural gas (CNG) storage in motor vehicles.
  • Worthington Specialty Processing (WSP), a partnership with U.S. Steel, toll processes more than 750,000 tons of wide sheet steel annually for the auto industry.
  • Worthington-ARITAS is a joint venture with Europe's leading LNG and cryogenic technology company.[8]

History[edit]

In 1955, a steel salesman named John H. McConnell saw an opportunity for custom-processed steel. He purchased his first load of steel by borrowing $600 against his 1952 Oldsmobile and founded Worthington Industries. First-year earnings were $11,000 generated from sales of $342,000.

From there, Worthington Industries expanded and added processing facilities throughout the late 1950s and 1960s. Profit sharing was instituted in 1966 and, at the same time, all production workers were put on a salary rather than hourly schedule. In 1968, the company made its first public stock offering of 150,000 shares at $7.50 per share.

In 1971, Worthington Industries purchased a small-cylinders business, the foundation of what is today Worthington Cylinders, one of the company's core businesses. Just a few years later, in 1976, Worthington Industries celebrated $100 million in sales.

The company continued to expand and grow throughout the 1980s. The following decade, in 1996, after working with the company for more than 20 years, John P. McConnell succeeded his father as Chairman and CEO.

A few years later, on April 19, 2000, Worthington Industries moved to the New York Stock Exchange. In 2002, after 34 years with the company, founder and chairman emeritus John H. McConnell stepped down as a member of the board of directors. In 2005, the company celebrated its 50  year of business.

Worthington Industries has continued to grow in the new millennium. In 2006, the company entered the stainless steel market when it acquired Precision Specialty Metals of Los Angeles, California. A year later, Worthington Steel expanded internationally, forming a steel-processing joint venture in Mexico with Serviacero Planos. Worthington Serviacero has three facilities in northern and central Mexico.

The following year, Worthington Industries lost its founder. On April 25, 2008, John H. McConnell, business leader and philanthropist, died. At the time of his death, the business he started back in 1955 with his first load of steel had become a $3 billion company, employing 8,000 people in 69 facilities in 11 countries.[2]

Today the company continues to grow. In 2011, Worthington acquired Angus-Palm, adding a new business segment – Engineered Cabs. Angus-Palm designs and manufactures custom-engineered open and enclosed cabs and operator stations for a wide range of heavy mobile equipment. Most recently, in 2012, Worthington acquired the Westerman Companies, a manufacturer of processing equipment and storage tanks for the gas and oil production industry, expanding its presence in the global energy and alternative fuels markets.[9]

Awards and achievements[edit]

Worthington Industries has been recognized four times by Fortune magazine as one of the "100 Best Companies to Work for in America". In 2006, the "100 Best Fortune" article on Worthington Industries stated, "The steel processor's culture is based on trust and great benefits. Factory workers get a piece of the monthly profit sharing, which augments monthly salaries 40% to 100%. Join the wellness program, and your health premiums are covered."[10] Fortune also named Worthington one of the "Most Admired Companies in the Metals Industry".[11] Worthington Industries has been on Money magazine's list of "30 Best Performing Stocks of the Past 30 Years",[12] and Forbes magazine has recognized Worthington Industries as one of "America's Best Big Companies".[13]

Worthington Industries has also developed into a recruiting magnet company, having successfully recruited top-of-their class recruits from the last three graduating classes of the highest-ranked accounting program in the nation.[14][15]

Worthington Industries was recognized as a "Partner-level" supplier for 2013 in the John Deere Achieving Excellence Program. The Partner-level status is Deere & Company's highest supplier rating.[16]

References[edit]

  1. ^ "Worthington Industries, Inc. (WOR)". Yahoo! Finance. Retrieved 14 May 2014. 
  2. ^ a b c "Worthington Industries: Steel Processing, Pressure Cylinders, Engineered Cabs". worthingtonindustries.com. Retrieved 12 January 2014. 
  3. ^ "Worthington Steel Processes Steel In-House, Providing Many Outstanding Services". worthingtonsteel.com. Retrieved 12 January 2014. 
  4. ^ "Worthington Cylinders home page". worthingtoncylinders.com. Retrieved 12 January 2014. 
  5. ^ "Worthington Steelpac". worthingtonsteelpac.com. Retrieved 12 January 2014. 
  6. ^ "Worthington Construction Group – Home". Worthington Construction Group. Retrieved 12 January 2014. 
  7. ^ "Worthington Energy Innovations - Worthington Energy Innovations: A Worthington Industries Company". Worthington Energy Innovations. Retrieved 12 January 2014. 
  8. ^ "Worthington Industries Finalizes ARITAS Purchase". The Wall Street Journal. Retrieved 2014-04-04. 
  9. ^ "Worthington Industries Acquires Westerman Companies". Worthington Industries. 
  10. ^ Fortune magazine 2006, 2002, 1998, 1997
  11. ^ Fortune magazine 2006, 2004, 2002
  12. ^ Money magazine, 2003
  13. ^ Forbes magazine, 2004, 2001
  14. ^ "BYU MAcc Program". BYU MAcc. 
  15. ^ "The Best Undergraduate B-Schools for Accounting". Bloomberg Businessweek. 
  16. ^ "Worthington Industries Earns Recognition as a John Deere "Partner-Level Supplier". MarketWatch. 

External links[edit]