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Slide #29. Worthington Industries — Tank manufacturing division of Steffes Corporation
Worthington Industries (NYSE:WOR)
Tank manufacturing division of Steffes Corporation
Worthington Industries, Inc. (NYSE: WOR) today announced that it has reached an agreement to acquire the tank manufacturing division of Steffes Corporation. Steffes manufactures oilfield storage tanks for customers drilling in the Bakken shale and Williston Basin region out of a manufacturing facility located in Dickinson, N.D. The business generated $25 million in revenue in 2013. Terms of the deal were not disclosed.
Worthington Industries is a metals manufacturing company, focused on steel processing and manufactured metal products. Co. operates two segments: Steel Processing, which buys coils of steel from integrated steel mills and mini-mills and processes them to the precise type, thickness, length, width, shape and surface quality required by customer specifications; and Pressure Cylinders, which manufactures and sells filled and unfilled pressure cylinders, tanks, hand torches, well water and expansion tanks, and oil and gas equipment along with various accessories and related products for various end-use market applications.
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