Worthington Industries

Worthington Industries, Inc. is a global diversified metals manufacturing company based in Columbus, Ohio. It is a steel processor and manufacturer of pressure vessels, such as propane, oxygen and helium tanks, hand torches, refrigerant and industrial cylinders, camping cylinders, exploration, recovery and production products for global energy markets; water system tanks for storage, treatment, heating, expansion and flow control, and compressed natural gas storage cylinders. The company also manufactures framing systems for mid-rise buildings and steel pallets and racks for shipping. It is the largest independent processor of flat-rolled steel in the United States. The company takes steel from steel producers and processes it for customers in industries including automotive, lawn and garden, construction, hardware, office furniture, electrical control, leisure and recreation, appliance, agriculture and HVAC.[1]

For the pump manufacturer, later a major diversified industrial conglomerate, see Worthington Corporation.
Worthington Industries, Inc.
TypePublic company
NYSE: WOR
S&P 400 component
IndustrySteel Processing
Metal fabrication
Founded1955 (1955) in Columbus, Ohio
FounderJohn H. McConnell
Headquarters
Columbus, Ohio, United States
Number of locations
57 facilities
Area served
Worldwide
Key people
John P. McConnell, Chairman & CEO
Andy Rose, President
Geoff Gilmore, Executive Vice President & COO
ProductsSteel Processing, Pressure Cylinders, Industrial Components, Retail Products, Propane Cylinders
BrandsBalloon Time, Bernzomatic, Coleman
Revenue $3.759 billion (FY 2019)
$153 million (FY 2019)
Total assets $2.510 billion (FY 2019)
Total equity $948 million (FY 2019)
Number of employees
12,000 (2019)
Websiteworthingtonindustries.com
Footnotes / references
[1]

Founded in 1971, the pressure vessels business includes the manufacture of cylinders such as liquefied petroleum gas cylinders used for gas grills and camping cylinders; refrigerant cylinders used for air conditioning systems; water system tanks for storage, treatment, heating, expansion and flow control; high-pressure cylinders for industrial gases, air or oxygen tanks used for diving; self-contained breathing apparatus for firemen; hand torches; compressed natural gas (CNG) storage tanks for the alternative fuels market; process equipment and storage tanks for the petroleum industry; liquid nitrogen containers for the life sciences, health care and animal husbandry markets; and consumer products such as Balloon Time helium gas balloon kits. Cylinders and tanks are made from welded or seamless steel, from aluminium or from fibre composite materials.

The company is ranked 677th on the Fortune 500.[2]

Worthington Industries is the only manufacturer of disposable 1lb propane cylinders in North America. The 16.1 oz. cylinders are sold under a variety of brand names including Worthington, Bernzomatic, and Coleman. These cylinders are commonly used by consumers to fuel cooking appliances like camp stoves and portable BBQs in recreational settings like campgrounds, parks and stadium parking lots. Worthington Industries does not disclose the specific sales volume of their disposable propane tanks however they are included in the Consumer Products category of the company's annual reported sales of Pressure Cylinders (68,596,103 units in FY 2020). Residual liquid propane in discarded 1lb propane tanks manufactured and sold by Worthington Industries makes the collection, transportation, and recycling of these used tanks a hazardous and costly expense for the campgrounds, parks, and facilities where they are left behind. Worthington Industries does not provide any financial compensation to offset the cost of safely collecting, transporting, storing, and recycling their disposable 1lb propane tanks. In California, the State Department of Resources Recovery and Recycling has initiated a grant program specifically to promote the use of refillable 1lb propane tanks because the volume of Worthington Industries disposable 1lb tanks is an environmental and financial burden to the taxpayers. The grant program has initiated a campaign (www.RefuelYourFun.org) to promote the use of refillable 1lb propane cylinders, notably the refillable 1lb propane cylinder manufactured by Flame King. Worthington Industries does not manufacture refillable 1lb cylinders.

Joint ventures
  • ArtiFlex Manufacturing, a joint venture with International Tooling Solutions that offers creative ways to manufacture high quality complex stamped assemblies.
  • ClarkDietrich Building Systems, a joint venture with ClarkWestern Building Systems and Dietrich Metal Framing that manufactures light-gauge metal framing and finishing products, systems and services for commercial and residential construction.
  • Serviacero Worthington, a joint venture with Serviacero Planos that provides services such as slitting, pickling, multi-blanking and cutting-to-length to customers in a variety of industries including automotive, appliance, electronics and heavy equipment.
  • Spartan Steel Coating, a joint venture that produces light gauge hot-dipped galvanized steel, primarily for value-added automotive applications.
  • TWB Company, a joint venture with WISCO Tailored Blanks that produces laser welded blanks for the automotive industry.
  • Worthington Armstrong Venture (WAVE), a joint venture with Armstrong World Industries, produces suspended metal ceiling grids.
  • Worthington Specialty Processing (WSP), a partnership with U.S. Steel, toll processes more than 750,000 tons of wide sheet steel annually for the auto industry.

History

Worthington Industries was founded in 1955 by John H. McConnell, a steel salesman. McConnell saw an opportunity for custom-processed steel, and purchased his first load of steel by borrowing $600 against his 1952 Oldsmobile. He founded the company in Columbus, Ohio, where it is still headquartered.

In his first year of business, McConnell grossed $342,000; his profit was $11,000. Throughout the late 1950s and 1960s, he continued to add processing facilities. In 1966, he started sharing his profits with the people he worked with. In 1968, Worthington Industries made its first public stock offering of 150,000 shares at $7.50 per share. Throughout the 1980s, the company continued to expand rapidly.[3]

In 1996, John McConnell's son, John P. McConnell, took over as chairman and CEO. He had worked for the company for more than 20 years, having started as a general laborer and later advancing to sales, operations and personnel.[3]

In 2000, Worthington Industries moved to the New York Stock Exchange.[3][4]

In June 2017, the company acquired Amtrol, which makes pressure cylinders and water system tanks, for $283 million.[5]

References
  1. "Worthington Industries, Inc. Form 10-K Annual Report for the Fiscal Year Ended May 31, 2019". U.S. Securities and Exchange Commission.
  2. "Worthington Industries". Fortune.
  3. "Our Story". Worthington Industries.
  4. McConnell, Kitty (November 1, 2015). "Q&A: John P. McConnell, Chairman and CEO of Worthington Industries". The Columbus Dispatch.
  5. Knox, Tom (June 2, 2017). "Worthington Industries makes biggest acquisition in company history". American City Business Journals.
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