Confirming the acquisition on Tuesday (8th June), Worthington said the purchase will expand its capacity and capabilities of its laser welded product joint venture, TWB Company.
As a result of transaction, Worthington will gain 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.
Commenting on the acquisition, Geoff Gilmore, Executive Vice-President and Chief Operating Officer at Worthington, said, “The demand for tailor welded blanks and light weighting technology is growing and the acquisition of these Shiloh assets allows us to support that growth while adding new capabilities.”
“Shiloh’s BlankLight expertise in curvilinear and aluminium welded blanks adds to TWB’s wide range of tailor welded products, creating more value and innovation for our customers.”
“It also broadens our relationships with key automotive customers and expands the geographic reach of our Steel Processing business through an additional blanking operation.”
According to a statement, within the calendar year 2020, the acquired assets generated net revenue of $170.5m and adjusted EBITDA of $20.5m.