Columbus Business First reported that a Central Ohio metals processing company bought a pressure cylinder manufacturing plant in Maize from the Coleman Co.

Ms Cathy Lyttle spokeswoman of Worthington Industries Inc told Columbus Business First that it paid USD 23 million for the plant, which employs about 70 people. No layoffs are planned at the facility, which will produce 16-ounce cylinders for propane tanks under the Coleman trademark.

She added that "It's certainly a name we’re glad to add to our lineup. The purchase will not affect operations at the plant in Maize. Our plans are to have the Maize facility operating at its highest level."

Worthington has been ramping up its pressure cylinder operations, acquiring several companies so far this year, according to documents filed with the Securities and Exchange Commission. In July 2011, Worthington bought torch and outdoor accessory maker Bernz from a subsidiary of Newell Rubbermaid for USD 41 million. It also purchased Poland based Stako, which produces automotive liquefied propane gas, for USD 42 million in late September 2011.

Those companies contribute to a pressure cylinder segment that is becoming an increasingly large piece of Worthington's business. In the quarter ended August 31st 2011, pressure cylinder sales of about USD 168.8 million accounted for 28% of the company's sales as compared with about 22% during the same time period a year ago.

(Sourced from www.bizjournals.com)