COLUMBUS, Ohio (June 08, 2021) — Worthington Industries Inc. announced the acquisition of certain assets of Shiloh Industries’ U.S. BlankLight business, a provider of laser-welded solutions that deliver material savings, weight and cost reductions and increased fuel efficiency to the mobility market. The acquisition expands the capacity and capabilities of Worthington’s laser-welded products joint venture, TWB Company LLC, with the addition of three facilities and adds a blanking facility to its steel processing business.
“The demand for tailor welded blanks and lightweighting technology is growing and the acquisition of these Shiloh assets allows us to support that growth while adding new capabilities,” said Worthington Industries Executive Vice President and Chief Operating Officer Geoff Gilmore. “Shiloh’s BlankLight expertise in curvilinear and aluminum-welded blanks adds to TWB’s wide range of tailor welded products, creating more value and innovation for our customers.”
Gilmore added, “It also broadens our relationships with key automotive customers and expands the geographic reach of our steel processing business through an additional blanking operation.”
The transaction adds approximately 200 employees and four facilities located in Bowling Green, Kentucky, Canton, Michigan. and two in Valley City, Ohio. TWB will operate the laser-welded blank facilities in Ohio and Michigan. The Kentucky facility will operate under Worthington’s steel processing business, expanding the blanking services currently provided from its Monroe, Ohio, and Porter, Indiana facilities.
The purchase price was approximately $105 million, subject to closing adjustments. In calendar year 2020, the acquired assets generated net revenue of $170.5 million and adjusted EBITDA of $20.5 million.
