Worthington Industries has sold its oil & gas equipment business to an affiliate of Ten Oaks Group.
Sharing details of the divestiture yesterday (1st Feb), Worthington said it includes the related operating assets located in Bremen, Ohio and Tulsa, Okla.
Worthington will retain the real estate associated with the business and is leasing it back to the new owners, who will operate the business as Westerman, Inc.
“We’re pleased to find a family-owned buyer in Ten Oaks that can better position our oil & gas equipment business for success,” said Andy Rose, Worthington’s President and CEO
“The employees in this business are dedicated and have worked tirelessly to bring innovative solutions to the markets they serve. We are grateful for their contributions to Worthington and wish them success moving forward.”