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Slide #13. Worthington Industries, Inc. — Stake in ARITAS
Worthington Industries, Inc. (NYSE:WOR)
Stake in ARITAS
Worthington Industries, Inc. (NYSE: WOR) announced that its Pressure Cylinders segment has signed an agreement to acquire a 75% stake in ARITAS, one of Europe's leading LNG (liquefied natural gas) and cryogenic technology companies offering a broad portfolio of LNG products, cryogenic vessels, systems and services. Located in Istanbul, Turkey, ARITAS employs nearly 300 people and generated sales of approximately $40 million for its fiscal year ending Dec. 31, 2013. The transaction is awaiting Turkish government approval, which is expected to be completed later this month.
Worthington Industries is a metals manufacturing company, focused on steel processing and manufactured metal products. Co. operates three segments: Steel Processing, which buys coils of steel from integrated steel mills and mini-mills and processes them to customer specifications; Pressure Cylinders, which manufactures and sells filled and unfilled pressure cylinders, tanks, hand torches, well water and expansion tanks, and oil and gas equipment with accessories and related products for end-use market applications; and Engineered Cabs, which designs and manufactures custom-engineered open and enclosed cabs and operator stations and custom fabrications and packaging for mobile equipment.
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Hold (2.00 out of 4)
(ranked lower than approx. 100% of all stocks covered)
Based on Zacks ABR data;
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