Columbus-headquartered Worthington Industries Inc. has acquired a majority ownership of the Samuel Steel Pickling Co., a joint venture Worthington has had with Samuel, Son & Co. since 2010.
The transaction includes adding Worthington’s recently acquired Heidtman Cleveland facility to the joint venture, which also has facilities in Cleveland and Twinsburg, Ohio. The joint venture will now be called Worthington Samuel Coil Processing LLC and its earnings will be consolidated into Worthington’s Steel Processing business unit. Worthington has a 63 percent interest in the joint venture, and Samuel, Son & Co. holds a 37 percent interest.
“Adding the Heidtman Cleveland facility will enhance the joint venture’s pickling capabilities in this area,” Worthington Industries Chairman & CEO John McConnell said, in a statement. “Leveraging the strengths and capabilities of these facilities will allow us to better serve our customers in this market.”
The new venture will include approximately 170 employees working at three facilities in northern Ohio, including one in Twinsburg and two in Cleveland.
Worthington operates 57 facilities in 15 states and six countries, sells into over 90 countries and employs approximately 9,000 people.