Worthington Cylinders Acquires Westerman - 9/19/2012
Worthington Industries, Inc.’s Pressure Cylinders segment acquired the Westerman Companies, a manufacturer of tanks and pressure vessels for the oil and gas, nuclear and marine markets. The purchase price was $70 million, of which approximately $6 million went to pay down Westerman debt.
"This acquisition increases our participation in the global energy and alternative fuels markets, and provides diversification in the marine and industrial markets," says Worthington Industries Chairman and CEO John McConnell. "Westerman has an impressive customer base, including many companies active in the drilling of the Utica and Marcellus shale formations. It also positions us to support the North American energy production revival."
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