Worthington Industries, Inc. (NYSE:WOR) announced today that its Pressure Cylinders segment has purchased the BernzOmatic business from Irwin Industrial Tool Company, a subsidiary of Newell Rubbermaid. The transaction was financed with the Company’s revolving credit facility and is expected to be immediately accretive.
BernzOmatic is a manufacturer and global marketer of hand-held torches, solder, accessories and related products, sold in retail and professional plumbing/ HVAC wholesale channels with strong brand recognition. The acquisition of BernzOmatic assets, increases Worthington’s product mix, adds new products, such as solder and accessories and provides an entrée into the plumbing wholesale channel, currently sold under the Lenox brand, as well as international markets. The acquisition also directly supports Worthington Cylinders’ established hand-held torch cylinder business. BernzOmatic operates two manufacturing facilities, in Medina, N.Y. and Winston-Salem, N.C., and had revenues of approximately $100 million in the 2010 calendar year.
“This acquisition accelerates our growth in the hand torch business with an established retail brand and gives us access to additional international distribution channels,” said Worthington Industries Chairman and CEO John McConnell.
“We can now offer customers the benefit and opportunity to purchase Worthington’s hand torch cylinder and the BernzOmatic hand torch and accessories from the same manufacturer,” said Harry Goussetis, president of Worthington Cylinders. “In addition to its strong brand, BernzOmatic has a history of product innovation. We anticipate enhancing that legacy with our manufacturing capabilities and expertise to grow existing and new product categories.”About Worthington Cylinders Worthington Cylinders is the world’s leading global manufacturer of pressure cylinders, delivering products and value-added services to its customers designed to exceed their expectations in quality, service and value. Worthington Cylinders offers the most complete line of pressure cylinders in the industry, including storage of liquefied petroleum, refrigerant, oxygen and industrial gases. Balloon Time® and Worthington Pro Grade® products are available at retailers nationwide and provide consumers products for grilling, party planning, outdoor leisure activities and home repair.
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