| NYSE: WOR |
S&P 400 component
|Industry|| Steel Processing|
|Founded||1955in Columbus, Ohio|
|Founder||John H. McConnell|
Number of locations
|Andy Rose, President & CEO |
John P. McConnell, Executive Chairman
Geoff Gilmore, Executive Vice President & COO
Joseph B. Hayek, Vice President & CFO
|Products||Steel Processing, Pressure Cylinders, Industrial Components, Retail Products, Propane Cylinders|
|Brands||Balloon Time, Bernzomatic, Coleman|
|Revenue||$3.759 billion (FY 2019)|
|$153 million (FY 2019)|
|Total assets||$2.510 billion (FY 2019)|
|Total equity||$948 million (FY 2019)|
Number of employees
Worthington Industries, Inc. is a global diversified metals manufacturing company based in Columbus, Ohio. It is a steel processor and manufacturer of pressure vessels, such as propane, oxygen and helium tanks, hand torches, refrigerant and industrial cylinders, camping cylinders, exploration, recovery and production products for global energy markets; water system tanks for storage, treatment, heating, expansion and flow control, and compressed natural gas storage cylinders. The company also manufactures framing systems for mid-rise buildings and steel pallets and racks for shipping. It is the largest independent processor of flat-rolled steel in the United States. The company takes steel from steel producers and processes it for customers in industries including automotive, lawn and garden, construction, hardware, office furniture, electrical control, leisure and recreation, appliance, agriculture and HVAC.
The company's pressure vessels business, founded in 1971, includes the manufacture of Propane cylinders used for gas grills; refrigerant cylinders used for air conditioning systems; tanks for storage in water treatment, heating, expansion and flow control; high-pressure cylinders for industrial gases; air tanks used for diving; self-contained breathing apparatus for firefighters and others; compressed gas tanks for hand torches; compressed natural gas (CNG) storage tanks for the alternative fuels market; liquid nitrogen containers for the life sciences, health care and animal husbandry markets; cylinders for transporting and storing high pressure hydrogen gas; and consumer products such as helium gas balloon kits. Cylinders and tanks are made from welded or seamless steel, from aluminum, or from fiber composite materials.
Worthington Industries is the only manufacturer of disposable 1lb propane cylinders in North America. The 16.1 oz. cylinders are sold under a variety of brand names including Worthington, Bernzomatic, and Coleman. These cylinders are commonly used by consumers for soldering, brazing, and welding, and to fuel cooking appliances like camp stoves and portable BBQs used in recreational settings like campgrounds, parks, and stadium parking lots.
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 (General Tools), 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.
A hydrostatic test is a way in which pressure vessels such as pipelines, plumbing, gas cylinders, boilers and fuel tanks can be tested for strength and leaks. The test involves filling the vessel or pipe system with a liquid, usually water, which may be dyed to aid in visual leak detection, and pressurization of the vessel to the specified test pressure. Pressure tightness can be tested by shutting off the supply valve and observing whether there is a pressure loss. The location of a leak can be visually identified more easily if the water contains a colorant. Strength is usually tested by measuring permanent deformation of the container. Hydrostatic testing is the most common method employed for testing pipes and pressure vessels. Using this test helps maintain safety standards and durability of a vessel over time. Newly manufactured pieces are initially qualified using the hydrostatic test. They are then revalidated at regular intervals according to the relevant standard. In some cases where a hydrostatic test is not practicable a pneumatic pressure test may be an acceptable alternative. Testing of pressure vessels for transport and storage of gases is very important because such containers can explode if they fail under pressure.
A pressure vessel is a container designed to hold gases or liquids at a pressure substantially different from the ambient pressure.
A gas cylinder is a pressure vessel for storage and containment of gases at above atmospheric pressure. High-pressure gas cylinders are also called bottles. Inside the cylinder the stored contents may be in a state of compressed gas, vapor over liquid, supercritical fluid, or dissolved in a substrate material, depending on the physical characteristics of the contents. A typical gas cylinder design is elongated, standing upright on a flattened bottom end, with the valve and fitting at the top for connecting to the receiving apparatus.
Sheet metal is metal formed into thin, flat pieces, usually by an industrial process. Sheet metal is one of the fundamental forms used in metalworking, and it can be cut and bent into a variety of shapes.
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Machine Sazi Arak (MSA) is an Iranian industrial machinery and equipment manufacturing corporation that was established in 1967 in an area of 134 hectares in the city of Arak in order to support underlying industries and meet the industrial needs of the country.
John Henderson McConnell was the founder of Worthington Industries, which manufactures processed steel products, pressure cylinders, and metal framing. He was the founder, majority owner, chairman, and governor of the Columbus Blue Jackets NHL team. In addition, McConnell was a part of the ownership group of the AFL's Columbus Destroyers, an early investor in the MLS' Columbus Crew, and minority owner of the Pittsburgh Pirates.
Industrial gases are the gaseous materials that are manufactured for use in industry. The principal gases provided are nitrogen, oxygen, carbon dioxide, argon, hydrogen, helium and acetylene, although many other gases and mixtures are also available in gas cylinders. The industry producing these gases is also known as industrial gas, which is seen as also encompassing the supply of equipment and technology to produce and use the gases. Their production is a part of the wider chemical Industry.
An icemaker, ice generator, or ice machine may refer to either a consumer device for making ice, found inside a home freezer; a stand-alone appliance for making ice, or an industrial machine for making ice on a large scale. The term "ice machine" usually refers to the stand-alone appliance.
A pipe is a tubular section or hollow cylinder, usually but not necessarily of circular cross-section, used mainly to convey substances which can flow — liquids and gases (fluids), slurries, powders and masses of small solids. It can also be used for structural applications; hollow pipe is far stiffer per unit weight than solid members.
Calor is a brand of bottled butane and propane which is available in Britain and Ireland. It comes in cylinders, which have a special gas regulator.
Stamping is the process of placing flat sheet metal in either blank or coil form into a stamping press where a tool and die surface forms the metal into a net shape. Stamping includes a variety of sheet-metal forming manufacturing processes, such as punching using a machine press or stamping press, blanking, embossing, bending, flanging, and coining. This could be a single stage operation where every stroke of the press produces the desired form on the sheet metal part, or could occur through a series of stages. The process is usually carried out on sheet metal, but can also be used on other materials, such as polystyrene. Progressive dies are commonly fed from a coil of steel, coil reel for unwinding of coil to a straightener to level the coil and then into a feeder which advances the material into the press and die at a predetermined feed length. Depending on part complexity, the number of stations in the die can be determined.
Vallourec S.A. is a multinational manufacturing company headquartered in Meudon, France. Vallourec specializes in hot rolled seamless steel tubes, expandable tubular technology, automotive parts, and stainless steel, which it provides to energy, construction, automotive, and mechanical industries. Vallourec shares are listed on NYSE Euronext.
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