Worthington Industries Inc announced that its Pressure Cylinders segment has purchased the BernzOmatic business from Irwin Industrial Tool Co, a subsidiary of Newell Rubbermaid. The transaction was financed with the company’s revolving credit facility and is expected to be immediately accretive.

BernzOmatic is a manufacturer and marketer of hand held torches, solder, accessories, and related products, sold in retail and professional HVAC, plumbing wholesale channels.

Worthington said that the acquisition of BernzOmatic's assets increases the company's product mix, adds new products, such as solder and accessories, and provides an entrée into the plumbing wholesale channel, currently sold under the Lenox brand, as well as international markets.

The acquisition also directly supports Worthington Cylinders' established hand held torch cylinder business. BernzOmatic operates two manufacturing facilities in Medina and Winston Salem and had revenues of approximately USD 100 million in the 2010 calendar year.

Mr John McConnell chairman & CEO of Worthington Industries said that "This acquisition accelerates our growth in the hand torch business with an established retail brand and gives us access to additional international distribution channels."

Mr Harry Goussetis president of Worthington Cylinders said that "We can now offer customers the benefit and opportunity to purchase Worthington’s hand torch cylinder and the BernzOmatic hand torch and accessories from the same manufacturer. In addition to its strong brand, BernzOmatic has a history of product innovation. We anticipate enhancing that legacy with our manufacturing capabilities and expertise to grow existing and new product categories."