Worthington Industries Acquires General Tools & Instruments Company
02 February 2021 - 1:00AM
Worthington Industries, Inc. (NYSE: WOR) today announced the
acquisition of General Tools & Instruments Company LLC (General
Tools), a provider of over 1,200 feature-rich, specialized tools
with well-established brands and a nearly 100-year history. The
acquisition broadens Worthington’s consumer products brands in
niche tools and outdoor living. General Tools’ brands include
General®, Garden-Weasel®, Pactool International® and Hawkeye™ and
are focused in categories including environmental health &
safety, precision measurement & layout, home repair &
remodel, lawn & garden and specific purpose tools.
“The acquisition of General Tools expands our thriving consumer
products portfolio, complementing our existing brands in niche
tools and outdoor living with attractive end-markets,” said
President and CEO Andy Rose. “General Tools brings a strong history
and a proven new product development process with demonstrated
speed to market. Their team is outstanding, and this acquisition
will deepen our expertise in consumer products and broaden our
relationships with blue chip customers allowing us to deliver more
products, innovation and value.”
Founded in 1922, General Tools is headquartered in Secaucus,
N.J., with an additional location in Shanghai, China and employs
approximately 60 people. The tenured management team with expertise
in managing a global supply chain will continue to run the
business. The purchase price was approximately $115 million,
subject to closing adjustments, funded with existing cash. In
calendar year 2020, General Tools generated net revenue of $68.2
million and adjusted EBITDA of $15.2 million.
About Worthington Industries
Worthington Industries (NYSE:WOR) is a leading industrial
manufacturing company delivering innovative solutions to customers
that span many industries including transportation, construction,
industrial, agriculture, retail and energy. Worthington is North
America’s premier value-added steel processor and producer of laser
welded products; and a leading global supplier of pressure
cylinders and accessories for applications such as fuel storage,
water systems, outdoor living, tools and celebrations. The
Company’s brands, primarily sold in retail stores, include
Coleman®, Bernzomatic®, Balloon Time®, Mag Torch®, Well-X-Trol®,
General®, Garden-Weasel®, Pactool International® and Hawkeye™.
Worthington’s WAVE joint venture with Armstrong is the North
American leader in innovative ceiling solutions.
Headquartered in Columbus, Ohio, Worthington operates 51
facilities in 15 states and seven countries, sells into over 90
countries and employs approximately 7,500 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 practicing a shared
commitment to transformation, Worthington makes better solutions
possible for customers, employees, shareholders and
communities.
Safe Harbor StatementThe Company wishes to take
advantage of the Safe Harbor provisions included in the Private
Securities Litigation Reform Act of 1995 (the “Act"). Statements by
the Company relating to its ability to increase market
participation, expand and integrate capacity, increase efficiencies
and reduce lead time, achieve growth in general and in specific
markets, and other statements which are not historical information
constitute "forward looking statements" within the meaning of the
Act. All forward-looking statements are subject to risks and
uncertainties which could cause actual results to differ from those
projected. Factors that could cause actual results to differ
materially include risks described from time to time in the
Company's filings with the Securities and Exchange Commission,
including those related to COVID-19 and the various actions taken
in connection therewith, which could also heighten other risks.
Contacts:SONYA L. HIGGINBOTHAMVP, CORPORATE
COMMUNICATIONS AND BRAND MANAGEMENT614.438.7391 |
sonya.higginbotham@worthingtonindustries.com
MARCUS A. ROGIERTREASURER AND INVESTOR
RELATIONS OFFICER614.840.4663 |
marcus.rogier@worthingtonindustries.com
200 Old Wilson Bridge Rd. | Columbus, Ohio
43085WorthingtonIndustries.com
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