Worthington Industries Inc announced that it sold its oil & gas equipment business to an affiliate of Ten Oaks Group. The divestiture includes the related operating assets located in Bremen, Ohio and Tulsa in Oklahoma in US. Worthington retained the real estate associated with the business and is leasing it back to the new owners, who will operate the business as Westerman Inc. Worthington received nominal consideration at closing and may receive additional consideration in the future.
President and CEO Andy Rose said “We’re pleased to find a family-owned buyer in Ten Oaks that can better position our oil & gas equipment business for success. The employees in this business are dedicated and have worked tirelessly to bring innovative solutions to the markets they serve. We are grateful for their contributions to Worthington and wish them success moving forward.”