Worthington Industries Inc acquired a majority ownership stake in Samuel Steel Pickling Co, a joint venture (JV) it began with Samuel, Son & Co. (Samuel) in 2010. Worthington now has a 63pc stake in the JV while Samuel retains 37pc.
The transaction includes adding Worthington’s recently acquired Heidtman Cleveland facility that is adjacent to the ArcelorMittal steel mill. The addition of Heidtman is expected to enhance the JV’s pickling and slitting capabilities.
The joint venture will now be called Worthington Samuel Coil Processing LLC, and its earnings will be consolidated into Worthington’s Steel Processing business unit. Further terms or transaction details of the deal were not disclosed. Worthington’s Heidtman asset purchased in October has facilities in Cleveland and Twinsburg, Ohio, and has a combined strength of 170 employees.
Founded in 1955 and headquartered in Columbus, Ohio, Worthington is a diversified metals manufacturing company that operates 57 facilities in 15 states and six countries, sells into over 90 countries. Samuel, Son & Co. is a leading metals distributor and industrial products manufacturer.