Jun 1 2009
Worthington Industries, Inc. (NYSE:WOR) announced today that it has purchased the assets related to the business of Piper Metal Forming Corporation, U.S. Respiratory, Inc. and Pacific Cylinders, Inc.
Piper is a leading manufacturer of aluminum high pressure cylinders, and impact extruded steel and aluminum parts, serving the medical, automotive, defense, oil services and other commercial markets, with one manufacturing location in New Albany, Miss. U.S. Respiratory provides value-added assembly and distribution of Piper's medical cylinder products. Pacific Cylinders provides West Coast distribution from Diamond Springs, Calif.
The revenues of this group were approximately $30 million for the last calendar year. These assets will be included in Worthington's Pressure Cylinders business segment. The transaction is expected to be modestly accretive in the first year.
"This transaction represents a natural extension of our focus on growing our highly successful pressure cylinder business," said Worthington's Chairman and Chief Executive Officer, John P. McConnell. Harry Goussetis, President of Worthington Cylinders, added, "The products and markets served by Piper complement our presence in the cylinder market. While we currently manufacture a broad range of cylinders, the new aluminum products increase our line of industrial gas product offerings and present an opportunity to participate in the growing medical market."
This transaction is expected to close within thirty days subject to normal closing conditions.