Worthington Industries, Inc.’s Pressure Cylinder segment has purchased the BernzOmatic business from Irwin Industrial Tool Company, a subsidiary of Newell Rubbermaid.
BernzOmatic operates from two manufacturing facilities and had revenues of approximately $100m during 2010. The acquisition was financed with the Company’s revolving credit facility and is expected to be immediately accretive. John McConnell, Chairman and CEO of Worthington Industries explained the associated benefits; “This acquisition accelerates our growth in the hand torch business with an established retail brand and gives us access to additional international distribution channels.”
Harry Goussetis, President of Worthington Cylinders offered the firm’s subsidiary point of view. He commented, “We can now offer customers the benefit and opportunity to purchase Worthington’s hand torch cylinder and the BernzOmatic hand torch and accessories from the same manufacturer. In addition to its strong brand, BernzOmatic has a history of product innovation. We anticipate enhancing that legacy with our manufacturing capabilities and expertise to grow existing and new product categories.”
BernzOmatic is a manufacturer and global marketer of hand-held torches, solder, accessories and related products. The acquisition of BernzOmatic assets, increases Worthington’s product mix, adds new products, such as solder and accessories and provides an entrée into the plumbing wholesale channel, currently sold under the Lenox brand, as well as international markets.