Summary
Worthington Industries, Inc., an industrial manufacturing company, focuses on value-added steel processing, manufactured consumer, building, and sustainable mobility products in North America and internationally. It operates through Steel Processing, Consumer Products, Building Products, and Sustainable Energy Solutions segments. The Steel Processing segment processes flat-rolled steel for customers primarily in the automotive, aerospace, agricultural, appliance, construction, container, energy, hardware, heavy-truck, HVAC, lawn and garden, leisure and recreation, office furniture, and office equipment markets. It also toll processes steel for steel mills, large end-users, service centers, and other processors. The Consumer Products segment sells tools, outdoor living, and celebrations products under the Coleman, Bernzomatic, Balloon Time, Mag-Torch, General, Garden-Weasel, Pactool International, Hawkeye, Worthington Pro Grade, and Level5 brand names. The Building Products segment sells refrigerant and LPG cylinders, well water and expansion tanks, and other specialty products to gas producers and distributors. The Sustainable Energy Solutions segment offers on-board fueling systems and services, as well as gas containment solutions and services for the storage, transport, and distribution of industrial gases. The company was founded in 1955 and is headquartered in Columbus, Ohio.
History
Worthington Industries was founded in 1955 by John H. McConnell, a steel salesman. McConnell saw an opportunity for custom-processed steel and purchased his first load of steel by borrowing $600 against his 1952 Oldsmobile. He founded the company in Columbus, Ohio, where it is still headquartered.
In his first year of business, McConnell grossed $342,000; his profit was $11,000. Throughout the late 1950s and 1960s, he continued to add processing facilities. In 1966, he started sharing his profits with the people he worked with. In 1968, Worthington Industries made its first public stock offering of 150,000 shares at $7.50 per share. Throughout the 1980s, the company continued to expand rapidly.In 1996, John McConnell's son, John P. McConnell, took over as chairman and CEO. He had worked for the company for more than 20 years, having started as a general laborer and later advancing to sales, operations and personnel.In 2000, Worthington Industries moved to the New York Stock Exchange.In June 2017, the company acquired Amtrol for $283 million. Amtrol produces pressure cylinders and water system components, and is the largest provider of expansion tanks to the plumbing and HVAC markets in the United States,
In September 2020, former company President Andy Rose was named Worthington Industries' President & CEO, succeeding long-time Chairman and CEO John P. McConnell.
In January 2021, the company made two acquisitions. The first was the acquisition of German valve and component company PTEC Pressure Technology GmbH. The second was the acquisition of General Tools & Instruments Company LLC , a provider of over 1,200 feature-rich, specialized tools, primarily for measuring and marking, found in supply houses, home centers, and hardware stores worldwide.
Mission
The first corporate goal for Worthington Industries is to earn money for its shareholders and increase the value of their investment. We believe that the best measurement of the accomplishment of our goal is consistent growth in earnings per share. OUR GOLDEN RULE - We treat our customers, employees, investors and suppliers, as we would like to be treated. PEOPLE - We are dedicated to the belief that people are our most important asset. - We believe people respond to recognition, opportunity to grow and fair compensation. - We believe that compensation should be directly related to job performance and therefore use incentives, profit sharing or otherwise, in every possible situation. - From employees we expect an honest day's work for an honest day's pay. - We believe in the philosophy of continued employment for all Worthington people. - In filling job openings, every effort is expended to find candidates within Worthington, its divisions or subsidiaries. CUSTOMERS - Without the customer and their need for our products and services we have nothing. - We will exert every effort to see that the customer's quality and service requirements are met. - Once a commitment is made to a customer, every effort is made to fulfill that obligation. SUPPLIERS - We cannot operate profitably without those who supply the quality materials we need. - We ask that suppliers be competitive in the marketplace with regard to quality, pricing, delivery and volume purchased. - We are a loyal customer to suppliers who meet our quality and service requirements through all market conditions. ORGANIZATION - We believe in a divisionalized organizational structure with responsibility for performance resting with the head of each operation. - All managers are given the operating latitude and authority to accomplish their responsibilities within our corporate goals and objectives. - In keeping with this philosophy, we do not create excessive corporate procedures. If procedures are necessary within a particular company operation, that manager creates them. - We believe in a small corporate staff and support group to service the needs of our shareholders and operating units as requested. COMMUNICATION - We communicate through every possible channel with our customers, employees, shareholders, suppliers and financial community. CITIZENSHIP - Worthington Industries practices good citizenship at all levels. We conduct our business in a professional and ethical manner. - We encourage all our people to actively participate in community affairs. - We support worthwhile community causes.
Vision
Worthington Industries strives to be a leader in our industries, providing innovative, value-added products and services to our global customer base.
Key Team
Ms. Catherine Mayne Lyttle (Sr. VP & Chief HR Officer)
Mr. Geoffrey G. Gilmore (Exec. VP & COO)
Mr. Steven R. Witt (Corp. Controller & Chief Accounting Officer)
Mr. Matthew K. Schlabig (Chief Information Officer)
Mr. Patrick J. Kennedy (VP, Gen. Counsel & Sec.)
Ms. Sonya L. Higginbotham (VP of Corp. Communications & Brand Management)
Mr. Marcus A. Rogier (Investor Relations Officer & Treasurer)
Recognition and Awards
Worthington Industries has been honored with numerous awards and recognitions, including being named to the Fortune 500 list, receiving the Ohio Award for Performance Excellence and appearing on the Association of Manufacturing Excellence's Northern Ohio 10 list of manufacturers.
References
United States 