Worthington Industries announced that the company has acquired the stock of Angus Industries, based in Watertown, S.D.

Angus designs and manufactures high quality, custom engineered open and enclosed cabs and operator stations for a wide range of heavy mobile equipment in several end markets, including agriculture, construction and mining. In addition to its South Dakota headquarters, the company operates facilities in Northwood, Iowa, Greeneville, Tenn. and Florence, SC, with approximately 1,250 non union employees.

Mr John McConnell chairman & CEO of Worthington Industries said “Angus is a great addition, providing a new manufacturing segment for our company. They are a good fit with our strategic objective to decrease earnings volatility and bring higher value added manufacturing. Additionally, they are a market leader in the custom-engineered cab space and our companies have similar people first cultures. They have a dedicated workforce and a great management team with a focus on continuous improvement.”

Mr McConnell added, "We are also pleased that we share some significant customers, while providing different products and services. The Angus end-markets will increase our presence in the construction, agriculture and mining industries. We see opportunities to invest in the business by adding domestic capacity, expanding some capabilities, as well as targeting international expansion to support customer growth."

Worthington purchased Angus for USD 180 million in cash funded through its revolving credit facility and proceeds from a USD 50 million special dividend recently received from its WAVE joint venture. Post closing, Worthington has approximately USD 568 million of funded debt and availability under its revolving credit facilities of USD 184 million.