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Worthington Buys Westerman Cos. For $70M

COLUMBUS, Ohio (AP) â¿¿ Metals processor Worthington Industries said Monday that it paid $70 million to buy Westerman Cos., which makes technical products, controls and pressure vessels for the oil and gas, nuclear, and marine markets.

Worthington said Westerman is now part of its pressure cylinders business. Westerman is based in Bremen, Ohio, has 220 employees and reported $71.8 million in revenue for the fiscal year ended May 31. Worthington has about 10,000 employees and posted $2.53 billion in revenue in its latest fiscal year.

Worthington said $6 million of the purchase price was used to pay down Westerman's debt.

Shares of Worthington Industries fell 49 cents, or 2 percent, to close at $23.75.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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