Worthington Enterprises Completes Acquisition of Hexagon Ragasco
Rhea-AI Summary
Worthington Enterprises (NYSE: WOR) has completed its acquisition of Hexagon Ragasco, a global leader in lightweight LPG composite cylinders. The move aims to strengthen Worthington's position in the global propane market. According to CEO Andy Rose, the acquisition aligns with the company's goals of promoting clean energy, particularly in developing countries. Worthington, formerly known as Worthington Industries, has a long history of shareholder value and dividend payments since 1968. The acquisition was finalized on the company's Founder’s Day, honoring the legacy of founder John H. McConnell.
Positive
- Completion of Hexagon Ragasco acquisition strengthens Worthington's market position.
- Hexagon Ragasco's lightweight, customizable cylinders align with global clean energy initiatives.
- Acquisition expected to accelerate Worthington's growth in the global propane market.
- Worthington Enterprises has a strong history of rewarding shareholders, with consistent quarterly dividends since 1968.
- Integration of Hexagon Ragasco expected to enhance business through shared values and operational philosophies.
Negative
- Potential integration challenges and costs associated with merging Hexagon Ragasco into Worthington.
- Uncertain impact on short-term financial performance due to acquisition-related expenses.
- Possible market volatility as investors react to the acquisition and its implications.
News Market Reaction
On the day this news was published, WOR declined 2.21%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
COLUMBUS, Ohio, June 03, 2024 (GLOBE NEWSWIRE) -- Worthington Enterprises (NYSE: WOR), a designer and manufacturer of market-leading brands that enable people to live safer, healthier and more expressive lives, today announced the closing of its planned acquisition of Hexagon Ragasco. The business is a global leader in lightweight, customizable LPG composite cylinders used for leisure, household and industrial applications.
Andy Rose, president and CEO, Worthington Enterprises, said, “We are excited to welcome the Hexagon Ragasco employees into Worthington Enterprises. We believe Hexagon Ragasco complements our existing cylinder business and accelerates our position in the global propane market. Their composite cylinders are advancing the use of clean fuels as part of the global energy transition especially in developing countries with limited infrastructure.”
Worthington Enterprises, which is the former Worthington Industries, was founded by John H. McConnell 69 years ago today. Throughout the last seven decades, the Company has maintained its first corporate goal of earning money for shareholders and increasing the value of their investment. Worthington Enterprises has issued a dividend to shareholders every quarter since the Company went public in 1968.
“It is fitting that we completed this acquisition on Worthington’s Founder’s Day,” Rose commented. “John H. McConnell’s legacy lives on in our daily operations in many ways but none more visible than the Philosophy he wrote that guides the business. Treating people as they would like to be treated continues as our Golden Rule in our interactions with employees, customers, suppliers and our local communities. Our Philosophy will lead the way as we integrate Hexagon Ragasco into our Company.”
About Worthington Enterprises
Worthington Enterprises (NYSE: WOR) is a designer and manufacturer of market-leading brands that help enable people to live safer, healthier and more expressive lives. The Company operates with two primary business segments—Building Products and Consumer Products—with an emphasis on innovation, transformation and leadership. The Building Products segment includes cooking, heating, cooling and water solutions, architectural and acoustical grid ceilings and metal framing and accessories. The Consumer Products segment provides solutions for the tools, outdoor living and celebrations categories. Product brands within the Worthington Enterprises portfolio include Balloon Time®, Bernzomatic®, Coleman®, CoMet®, Garden-Weasel®, General®, HALO™, Hawkeye™, Level5 Tools®, Mag Torch®, NEXI™, Pactool International®, PowerCore™, Well-X-Trol® and XLite™, among others. The Company also serves the growing global hydrogen ecosystem via a joint venture focused on on-board fueling systems and gas containment solutions.
Headquartered in Columbus, Ohio, Worthington Enterprises employs approximately 4,000 people throughout North America and Europe.
Founded in 1955 as Worthington Industries, Worthington Enterprises follows a people-first Philosophy with earning money for its shareholders as its first corporate goal. Worthington Enterprises achieves this outcome by empowering its employees to innovate, thrive and grow with leading brands in attractive markets that improve everyday life. The Company engages deeply with local communities where it has operations through volunteer efforts and The Worthington Companies Foundation, participates actively in workforce development programs and reports annually on its corporate citizenship and sustainability efforts. For more information, visit worthingtonenterprises.com.
Forward-Looking Statements
Statements by Worthington Enterprises that are not limited to historical information constitute “forward-looking statements” under federal securities laws. Forward-looking statements are subject to various risks, uncertainties and other factors that may cause actual results to differ materially from those expected by Worthington Enterprises. Readers should evaluate forward-looking statements in the context of such risks, uncertainties and other factors, many of which are described in Worthington Enterprises’ filings with the Securities and Exchange Commission (“SEC”). Forward-looking statements are qualified by the cautionary statements included in Worthington Enterprises’ SEC filings and other public communications. This press release speaks only as of the date hereof. Worthington Enterprises does not undertake any obligation to update or revise its forward-looking statements except as required by applicable law or regulation.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/49ac8bfc-2931-4d08-963f-a15b815d18c4
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