Worthington Industries Acquires Shiloh’s US BlankLight Business
Worthington Industries Inc announced the acquisition of certain assets of Shiloh Industries’ US BlankLight business, a leading provider of laser welded solutions that deliver material savings, weight and cost reductions and increased fuel efficiency to the mobility market. The acquisition expands the capacity and capabilities of Worthington’s laser welded products joint venture, TWB Company LLC, with the addition of three facilities and adds a blanking facility to its Steel Processing business. The transaction adds approximately 200 employees and four facilities located in Bowling Green in Kentucky, Canton in Michigan and two in Valley City Ohio. TWB will operate the laser welded blank facilities in Ohio and Michigan. The Kentucky facility will operate under Worthington’s Steel Processing business, expanding the blanking services currently provided from its Monroe in Ohio and Porter Indiana facilities.
The purchase price was approximately USD105 million, subject to closing adjustments. In calendar year 2020, the acquired assets generated net revenue of USD 170.5 million and adjusted EBITDA of USD 20.5 million.
A presentation with more information on the acquisition can be found on the investor relations section of the Company’s website.
TWB is North America’s market leader for tailor welded products with eight locations in Kentucky, Michigan, Tennessee, Ontario and Mexico. Formed in 1992, TWB Company is a joint venture between Worthington Industries and BAOSteel, with Worthington holding majority ownership. TWB’s financial results are consolidated within Worthington’s Steel Processing business segment.