WOR

Worthington Industries Board of Directors Approves Separation of Worthington Steel

Retrieved on: 
Thursday, November 9, 2023

Record date for distribution of Worthington Steel common shares will be November 21, 2023

Key Points: 
  • Record date for distribution of Worthington Steel common shares will be November 21, 2023
    “When-issued” trading of Worthington Steel and Worthington Industries ex-distribution common shares expected to begin on November 28, 2023
    Distribution date expected to be December 1, 2023
    COLUMBUS, Ohio, Nov. 09, 2023 (GLOBE NEWSWIRE) -- Worthington Industries, Inc. (“Worthington Industries” or the “Company”) (NYSE: WOR), a leading industrial manufacturer, today announced that its Board of Directors (the “Board”) approved the previously announced separation of its Steel Processing business, Worthington Steel, Inc. (“Worthington Steel”) via a spin-off that is generally intended to be tax-free to shareholders for U.S. federal income tax purposes.
  • As a result of the distribution, Worthington Industries shareholders will receive one common share of Worthington Steel for every one common share of Worthington Industries they hold on the Record Date.
  • No action is required by Worthington Industries shareholders to receive the distributed common shares of Worthington Steel.
  • Worthington Industries expects that beginning November 28, 2023, there will be two markets in Worthington Industries common shares on the NYSE: “regular-way” under the symbol “WOR” and “ex-distribution” under the symbol “WOR WI.” Prior to the Distribution Date, Worthington Industries common shares that trade in the “regular-way” market will trade with the right to receive common shares of Worthington Steel on the Distribution Date.

Worthington Steel to Webcast Discussion of Second Quarter 2024 Results on December 22

Retrieved on: 
Monday, December 4, 2023

Worthington Steel, Inc. (NYSE: WS) announced today that it will report the results for its fiscal second quarter after the market closes on Thursday, December 21, 2023.

Key Points: 
  • Worthington Steel, Inc. (NYSE: WS) announced today that it will report the results for its fiscal second quarter after the market closes on Thursday, December 21, 2023.
  • These results reflect the Company’s earnings as part of Worthington Industries (NYSE: WOR) prior to Worthington Steel’s business separation on December 1, 2023.
  • The Company will host a conference call to discuss its fiscal second quarter results at 8:30 a.m.
  • A live webcast of the call will be available on the Investor Relations section of the Company’s website at www.WorthingtonSteel.com and will be archived for one year.

Worthington Steel Set to Join S&P SmallCap 600

Retrieved on: 
Tuesday, November 28, 2023

NEW YORK, Nov. 28, 2023 /PRNewswire/ -- Worthington Steel Inc. (NYSE: WS) will be added to the S&P SmallCap 600 effective prior to the open of trading on Friday, December 1, replacing Sleep Number Corp. (NASD: SNBR) which will be removed from the S&P SmallCap 600 effective before the open of trading on Monday, December 4.

Key Points: 
  • NEW YORK, Nov. 28, 2023 /PRNewswire/ -- Worthington Steel Inc. (NYSE: WS) will be added to the S&P SmallCap 600 effective prior to the open of trading on Friday, December 1, replacing Sleep Number Corp. (NASD: SNBR) which will be removed from the S&P SmallCap 600 effective before the open of trading on Monday, December 4.
  • S&P SmallCap 600 constituent Worthington Industries Inc. (NYSE: WOR) is spinning off Worthington Steel in a transaction expected to be completed on December 1.
  • Post spin-off, the parent Worthington Industries will remain in the S&P SmallCap 600 and will change its name to Worthington Enterprises Inc.
  • Sleep Number is no longer representative of the small-cap market space.

Worthington Industries Presenting at Baird Global Industrial Conference

Retrieved on: 
Monday, November 6, 2023

COLUMBUS, Ohio, Nov. 06, 2023 (GLOBE NEWSWIRE) -- Worthington Industries, Inc. (NYSE: WOR), a leading industrial manufacturing company, today announced it will present at this week’s Baird Global Industrial Conference in Chicago.

Key Points: 
  • COLUMBUS, Ohio, Nov. 06, 2023 (GLOBE NEWSWIRE) -- Worthington Industries, Inc. (NYSE: WOR), a leading industrial manufacturing company, today announced it will present at this week’s Baird Global Industrial Conference in Chicago.
  • Worthington Industries Chief Executive Officer and future Worthington Enterprises Chief Executive Officer Andy Rose and Worthington Industries Chief Financial Officer and future Worthington Enterprises Chief Financial and Operating Officer Joe Hayek will share with attendees their strategies for long-term growth and shareholder value for Worthington Enterprises.
  • As previously announced , the planned separation of Worthington Industries’ Steel Processing business is expected to occur as early as December 2023, ahead of the originally projected timing of early 2024.
  • Following the planned separation, Worthington Industries will be known as Worthington Enterprises, which will be a market-leading designer and manufacturer with premier brands in attractive end markets in Consumer Products, Building Products and Sustainable Energy Solutions.

Worthington Industries to Expand Capacity for Motor and Transformer Laminations at its Tempel Mexico Facility

Retrieved on: 
Thursday, October 5, 2023

COLUMBUS, Ohio, Oct. 05, 2023 (GLOBE NEWSWIRE) -- Worthington Industries, Inc., (NYSE: WOR), a leading industrial manufacturing company, today announced the expansion of its Tempel Steel facility in Apodaca, Mexico, which is operated by Worthington’s Steel Processing business segment.

Key Points: 
  • COLUMBUS, Ohio, Oct. 05, 2023 (GLOBE NEWSWIRE) -- Worthington Industries, Inc., (NYSE: WOR), a leading industrial manufacturing company, today announced the expansion of its Tempel Steel facility in Apodaca, Mexico, which is operated by Worthington’s Steel Processing business segment.
  • Tempel will re-engineer the footprint of its existing production area and add operations to an adjacent 185,000 square-foot facility.
  • These moves will facilitate a significant expansion of Tempel’s Focused Factory, which produces highly engineered traction motor laminate cores for electric vehicles.
  • With expanded production expected to come online in 2024, Apodaca will be Tempel’s largest production site for motor and transformer laminations for the electric vehicle market.

Worthington Industries Announces Public Filing of Form 10 Registration Statement

Retrieved on: 
Wednesday, October 4, 2023

COLUMBUS, Ohio, Oct. 04, 2023 (GLOBE NEWSWIRE) -- Worthington Industries, Inc. (NYSE: WOR), a leading industrial manufacturing company, today announced the public filing of a Form 10 registration statement with the U.S. Securities and Exchange Commission in connection with its planned separation of the Company’s Steel Processing business, Worthington Steel.

Key Points: 
  • COLUMBUS, Ohio, Oct. 04, 2023 (GLOBE NEWSWIRE) -- Worthington Industries, Inc. (NYSE: WOR), a leading industrial manufacturing company, today announced the public filing of a Form 10 registration statement with the U.S. Securities and Exchange Commission in connection with its planned separation of the Company’s Steel Processing business, Worthington Steel.
  • Andy Rose, president and CEO, Worthington Industries, and future chief executive officer of Worthington Enterprises, said, “The public filing of the Form 10 represents an important milestone in creating two distinct, market-leading companies focused on driving shareholder value.
  • As a more focused company, Worthington Enterprises will be well-positioned to capitalize on key trends in sustainability, technology, remodeling and construction and outdoor living.
  • The Form 10 Registration Statement filed publicly today with the SEC includes important information about Worthington Steel as a standalone company.

Worthington Industries Completes Board of Directors Transition and Declares Quarterly Dividend

Retrieved on: 
Wednesday, September 27, 2023

COLUMBUS, Ohio, Sept. 27, 2023 (GLOBE NEWSWIRE) -- The board of directors of Worthington Industries, Inc. (NYSE:WOR) today announced that John Blystone, the Company’s long-time Lead Independent Director has been named Executive Chairman.

Key Points: 
  • COLUMBUS, Ohio, Sept. 27, 2023 (GLOBE NEWSWIRE) -- The board of directors of Worthington Industries, Inc. (NYSE:WOR) today announced that John Blystone, the Company’s long-time Lead Independent Director has been named Executive Chairman.
  • The board also declared a quarterly dividend of $0.32 per share.
  • I look forward to remaining a meaningful, long-term shareholder of both Worthington Enterprises and Worthington Steel, and watching the continued success of both companies.
  • “John [McConnell] has done a fantastic job leading Worthington Industries and the Board.

Worthington Industries Reveals New Company Identities Ahead of Anticipated December Separation; Announces 2023 Investor and Analyst Day

Retrieved on: 
Tuesday, September 26, 2023

The separation is expected to occur as early as December 2023, ahead of the originally projected timing of early 2024.

Key Points: 
  • The separation is expected to occur as early as December 2023, ahead of the originally projected timing of early 2024.
  • The Worthington Enterprises name represents the organization’s strong heritage, entrepreneurial spirit, and market-leading brands and innovative products that improve lives.
  • Geoff Gilmore, chief operating officer and executive vice president, Worthington Industries, will become president and chief executive officer of Worthington Steel.
  • *Editor’s Note: Please email [email protected] to request a Worthington Enterprises and/or Worthington Steel logo file.

Worthington Industries Releases 2023 Corporate Citizenship and Sustainability Report

Retrieved on: 
Monday, September 25, 2023

COLUMBUS, Ohio, Sept. 25, 2023 (GLOBE NEWSWIRE) -- Worthington Industries, Inc. (NYSE: WOR) released today its Fiscal Year 2023 (FY23) Corporate Citizenship and Sustainability Report documenting the Company’s key initiatives and related performance in areas such as environmental footprint and innovation, workforce development, corporate citizenship and governance.

Key Points: 
  • COLUMBUS, Ohio, Sept. 25, 2023 (GLOBE NEWSWIRE) -- Worthington Industries, Inc. (NYSE: WOR) released today its Fiscal Year 2023 (FY23) Corporate Citizenship and Sustainability Report documenting the Company’s key initiatives and related performance in areas such as environmental footprint and innovation, workforce development, corporate citizenship and governance.
  • Supporting Communities: The Worthington Industries Foundation contributed $2.9 million in FY23 to 69 organizations championing causes across health, human services, youth and education and civic causes.
  • Worthington Industries’ Tempel business, which manufactures precision magnetic steel laminations, estimates that its products saved more than 1.2 metric tons of carbon emissions in FY23.
  • Newsweek included Worthington Industries in its 2023 listing of America’s Most Responsible Companies .

Worthington Industries Supports Volunteer Fire Fighters with Surplus Two-Way Radios

Retrieved on: 
Thursday, September 7, 2023

Radiowell's Sustainability Initiative Attracted Worthington: Worthington Industries had a surplus of two-way radio equipment that was no longer needed, so the company sought the assistance of Radiowell for sustainable asset disposition.

Key Points: 
  • Radiowell's Sustainability Initiative Attracted Worthington: Worthington Industries had a surplus of two-way radio equipment that was no longer needed, so the company sought the assistance of Radiowell for sustainable asset disposition.
  • Radiowell is the only land mobile company with sustainability tied to its business results.
  • And through its GRANT program , Radiowell distributes functional secondhand equipment to public safety organizations in need of support.
  • Worthington's equipment will support the life-saving work of volunteer fire fighters.