Worthington Industries acquires Hy-Mark Cylinders

Worthington Industries, Inc.’s new acquisition is expected to be ‘modestly accretive in the first year’.

The Ohio based Worthington Industries, Inc. recently purchases the assets of Hy-Mark Cylinders, Inc.

Hy-Mark, a manufacturer of extruded aluminium cylinders for various applications, plans to relocate from Hampton, Virginia to the Worthington Cylinders’ Mississippi manufacturing site. Hy-Mark accrued revenue of aproximately $10m during the pas 12 months. In an official press statement, Worthington Cylinders anticipated the acquisition to be ‘modestly accretive in the first year’.

Worthington’s Chairman and Chief Executive Officer, John P McConnell, commented, $quot;The acquisition is part of our ongoing strategy to continue to grow the pressure cylinder business by expanding some of the existing product lines and to obtain new ones.$quot;