Sharing the news on Monday (June 14), the manufacturing company said the segment is already up and running in Europe, offering on-board fuelling systems and services, such as hydrogen, as well as gas containment solutions and services for the storage, transport and distribution of industrial gases.
The segment will support the growing hydrogen ecosystem and adjacent sustainable energies such as compressed natural gas.
Commenting on the decision, Andy Rose, President and CEO of Worthington, said, “The new reporting structure is a natural evolution of our business strategy as we have aligned around several attractive markets over the last few years to reshape the business for increased earnings growth.”
“This change will enable our leadership teams to build and execute better, more focused strategies while providing increased transparency for investors. As we allocate capital to high return opportunities in these end markets, we will continue to leverage Transformation, Innovation and M&A to drive additional value.”
Sustainable Energy Solutions, along with the new Consumer Products and Building Products segments, are in addition to the company’s Steel Processing segment.
Worthington will begin reporting the new segment results in the first quarter of fiscal 2022, which began June 1, 2021 and ends August 30, 2021.