Worthington Industries Acquires Shiloh’s U.S. BlankLight Business

COLUMBUS, Ohio, June 08, 2021 (GLOBE NEWSWIRE) -- Worthington Industries, Inc. (NYSE:WOR) today announced the acquisition of certain assets of Shiloh Industries’ U.S. BlankLight business, a leading provider of laser welded solutions that deliver material savings, weight and cost reductions and increased fuel efficiency to the mobility market. The acquisition expands the capacity and capabilities of Worthington’s laser welded products joint venture, TWB Company, LLC, with the addition of three facilities and adds a blanking facility to its Steel Processing business.

“The demand for tailor welded blanks and lightweighting technology is growing and the acquisition of these Shiloh assets allows us to support that growth while adding new capabilities,” said Worthington Industries Executive Vice President and COO Geoff Gilmore. “Shiloh’s BlankLight expertise in curvilinear and aluminum welded blanks adds to TWB’s wide range of tailor welded products, creating more value and innovation for our customers.” Gilmore added, “It also broadens our relationships with key automotive customers and expands the geographic reach of our Steel Processing business through an additional blanking operation.”

The transaction adds approximately 200 employees and four facilities located in Bowling Green, Ky., Canton, Mich. and two in Valley City, Ohio.  TWB will operate the laser welded blank facilities in Ohio and Michigan. The Kentucky facility will operate under Worthington’s Steel Processing business, expanding the blanking services currently provided from its Monroe, Ohio and Porter, Ind. facilities.

The purchase price was approximately $105 million, subject to closing adjustments. In calendar year 2020, the acquired assets generated net revenue of $170.5 million and adjusted EBITDA of $20.5 million.

A presentation with more information on the acquisition can be found on the investor relations section of the Company’s website.

About TWB Company, LLC
TWB is North America’s market leader for tailor welded products with eight locations in Kentucky, Michigan, Tennessee, Ontario and Mexico. Formed in 1992, TWB Company is a joint venture between Worthington Industries and BAOSteel, with Worthington holding majority ownership. TWB’s financial results are consolidated within Worthington’s Steel Processing business segment. More information about TWB can be found at www.TWBCompany.com.