Worthington Industries Inc announced that it closed its agreement with Marubeni-Itochu Steel America Inc to combine Dietrich Metal Framing and ClarkWestern Building Systems, creating a joint venture between the two companies.

MISA acquired a 75% interest in the joint venture, and Worthington acquired a 25% interest. The venture will be called ClarkDietrich Building Systems LLC.

The joint venture brings together two metal framing businesses representing a broad product line, excellent customer service, innovative products and strong leadership. By consolidating facilities into the joint venture, it becomes well positioned for the market recovery. The ClarkDietrich Building Systems joint venture will operate 13 manufacturing facilities across the country. Seven of Dietrich’s 13 facilities will be retained by Worthington and permanently closed following a three to six month transition period. One of ClarkWestern Building Systems facilities will be closed.

As part of the asset exchange, structured as a cashless transaction with the exception of working capital adjustments and other transition payments, Worthington Steel will acquire the assets of three MISA Metals Inc. steel processing locations.