Worthington Industries has acquired a majority ownership of the Samuel Steel Pickling Company, a joint venture Worthington has had with Samuel, Son & Co. since 2010.
The transaction includes adding Worthington’s recently acquired Heitman Cleveland facility to the joint venture, which also has facilities in Cleveland and Twinsburg, Ohio.
The joint venture will now be called Worthington Samuel Coil Processing, LLC and its earnings will be consolidated into Worthington’s Steel Processing business unit.
“Adding the Heidtman Cleveland facility will enhance the joint venture’s pickling capabilities in this area,” said John McConnell, Worthington Industries’ Chairman and CEO.
“Leveraging the strengths and capabilities of these facilities will allow us to better serve our customers in this market.”
Worthington now has a 63% interest in the joint venture, and Samuel, Son & Co. holds a 37% interest.
The new venture will include approximately 170 employees working at three facilities in northern Ohio, including one in Twinsburg and two in Cleveland.
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