Brief: Worthington Industries Announces Plan To Separate Steel Processing Business, Unlocking Value By Creating New Standalone Public Company

Worthington Enterprises

29/09/2022 14:38

Sept 29 (Reuters) - Worthington Industries Inc  WOR.N :
    * WORTHINGTON INDUSTRIES ANNOUNCES PLAN TO SEPARATE STEEL
PROCESSING BUSINESS, UNLOCKING VALUE BY CREATING NEW STANDALONE
PUBLIC COMPANY
    * WORTHINGTON INDUSTRIES INC - BOARD UNANIMOUSLY APPROVED A
PLAN
TO PURSUE A SEPARATION OF COMPANY'S STEEL PROCESSING BUSINESS
INTO A NEW PUBLIC COMPANY
    * WORTHINGTON INDUSTRIES INC - EXPECTS TO COMPLETE
SEPARATION BY
EARLY 2024
    * WORTHINGTON INDUSTRIES INC - FOLLOWING SEPARATION, NEW
WORTHINGTON EXPECTS TO CONTINUE TO BE PUBLICLY TRADED ON NEW
YORK STOCK EXCHANGE
    * WORTHINGTON - PLANS TO EFFECT SEPARATION VIA DISTRIBUTION
OF
STOCK OF STEEL PROCESSING BUSINESS
    * WORTHINGTON INDUSTRIES INC - PLANNED SEPARATION WILL
RESULT IN
TWO INDEPENDENT, PUBLICLY TRADED COMPANIES
    * WORTHINGTON INDUSTRIES INC - MCCONNELL FAMILY IS EXPECTED
TO
CONTINUE AS A MEANINGFUL, LONG-TERM SHAREHOLDER OF BOTH
COMPANIES
    * WORTHINGTON INDUSTRIES - GEOFF GILMORE, CURRENTLY CHIEF
OPERATING OFFICER OF WORTHINGTON, WILL SERVE AS CHIEF EXECUTIVE
OFFICER OF WORTHINGTON STEEL
    * WORTHINGTON INDUSTRIES INC - NEW WORTHINGTON WILL CONTINUE
TO BE
LED BY ANDY ROSE AND WILL MAINTAIN ITS HEADQUARTERS IN COLUMBUS,
OHIO

Source text for Eikon:  ID:nGNXbypWP4 
Further company coverage:  WOR.N 
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