WOR - Worthington Enterprises Completes Separation of Worthington Steel | Benzinga
COLUMBUS, Ohio, Dec. 01, 2023 (GLOBE NEWSWIRE) -- Worthington Enterprises, Inc. (NYSE:WOR) formerly Worthington Industries, Inc., a leading industrial manufacturing company, today completed the previously announced separation of its Steel Processing business, Worthington Steel, Inc., into a standalone, publicly traded company. Worthington Steel common stock begins "regular-way" trading on the New York Stock Exchange (NYSE) today under the ticker symbol "WS". Worthington Enterprises common stock continues trading on the NYSE under the ticker symbol "WOR".
Andy Rose, president and chief executive officer, Worthington Enterprises, said, "Today is a major milestone in Worthington's history. As separate companies, both Worthington Enterprises and Worthington Steel will be better able to serve their respective customers, deliver on their more focused strategic priorities and create superior long-term shareholder value. I want to thank our teams for their hard work successfully executing this separation, and I look forward to seeing all that both companies will accomplish going forward."
The spin-off distribution was completed at 12:01 a.m. ET on Dec. 1, 2023, to shareholders of record as of the close of business on Nov. 21, 2023 (the "Record Date"). Worthington Enterprises shareholders received one common share of Worthington Steel for every one common share of Worthington Industries they held on the Record Date.
As a more focused company, Worthington Enterprises is a market-leading designer and manufacturer of innovative Building Products, Consumer Products and Sustainable Energy Solutions. Worthington Enterprises is well-positioned to capitalize on key trends in sustainability, technology, remodeling and construction and outdoor living. Worthington Enterprises will continue to pursue a growth strategy focused on leveraging its robust new product pipeline of innovative, sustainable, tech-enabled solutions to disrupt mature markets.
Worthington Steel (NYSE:WS) is a metals processor that partners with customers to deliver highly technical and customized solutions. Worthington Steel's expertise in carbon flat-roll steel processing, electrical steel lamination and tailor welding are driving steel toward a more sustainable future. As one of the most trusted metals processors in North America, Worthington Steel and its 4,500 employees harness the power of steel to advance customers' visions. Headquartered in Columbus, Ohio, Worthington Steel operates 31 facilities in seven states and five countries.
Goldman Sachs & Co. LLC served as Worthington's lead financial advisor and Latham & Watkins LLP served as primary legal counsel.
About Worthington Enterprises
Worthington Enterprises (NYSE:WOR) is a designer and manufacturer of market-leading brands that help enable people to live safer, healthier and more expressive lives. Worthington Enterprises operates with three segments: Building Products, Consumer Products and Sustainable Energy Solutions. Worthington's emphasis on innovation and transformation extends to building products including water systems, heating and cooling solutions, architectural and acoustical grid ceilings and metal framing and accessories, and consumer products in tools, outdoor living and celebrations categories sold under brand names Coleman®, Bernzomatic®, Balloon Time®, Level5 Tools®, Mag Torch®, Well-X-Trol®, General®, Garden-Weasel®, Pactool International® and Hawkeye™. Worthington Enterprises also serves the growing global hydrogen ecosystem through on-board fueling systems and gas containment solutions.
Founded ...