Worthington Industries Divests Structural Composites Industries
Worthington Industries Inc announced that it sold its Structural Composites Industries facility in Pomona in California US to Luxfer Holdings PLC. Following
Worthington Industries Inc announced that it sold its Structural Composites Industries facility in Pomona in California US to Luxfer Holdings PLC. Following the divestiture of the unprofitable operation, Worthington will continue to focus its investments and attention on the growing sustainable mobility markets in Europe and Asia where strict, mandated emissions reductions are accelerating growth in hydrogen and compressed natural gas. The Company will also continue to supply Self-Contained Breathing Apparatus cylinders for firefighters and first responders from its European locations to customers in Europe and Asia.
Worthington has recently made substantial investments in its engineering and manufacturing capabilities in Europe that provide comprehensive systems for the storage, transport and use of alternative fuels like hydrogen and CNG. In addition to expanding the Company’s existing composite cylinder facility in Poland, the Company has also constructed type III and type IV hydrogen cylinder production lines at its facility in Austria and recently acquired PTEC Pressure Technology GmbH in Germany, a leading designer and manufacturer of advanced valves and components for high-pressure hydrogen and CNG systems.