Ohio-based Worthington Industries has confirmed that its Board of Directors has approved the separation of its Steel Processing business, Worthington Steel, via a spin-off that is intended to be tax-free to shareholders for US federal income tax purposes.
It was announced in September 2022 that Worthington will become two separate companies as of early 2024, with its Steel Processing business set to become a standalone public company.
The manufacturing company said the decision will both better align its operations and sharpen its strategic focus on fast-growing markets.
The new standalone Steel Processing business will operate as a value-added steel processor with a unique capability set, sophisticated supply chain and pricing solutions, and expanded product offerings.
The Board declared a pro rata distribution of 100% of the outstanding common shares of Worthington Steel to Worthington Industries shareholders of record as of the close of business on November 21, 2023.
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 to the record date.
Worthington Steel common shares is expected to begin on the New York Stock Exchange on December 1, 2023, under the symbol WS.
On December 1, 2023, Worthington Industries will also be renamed Worthington Enterprises, Inc. and will continue to trade on the New York Stock Exchange under the ticker symbol WOR.
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