Slupsk, Poland – Dec. 18, 2020 – Worthington Industries Inc. (NYSE: WOR) within the Management Board of Stako limited liability company (“Divided Company”) and the Management Board of Worthington Industries Poland limited liability company (“Acquiring Company”), acting pursuant to Art. 533 § 1 of the Code of Commercial Companies (hereinafter: CCC), agreed and signed the Division Plan of Stako sp.z o.o., drawn up in accordance with Art. 534 of the Commercial Companies Code, which the Management Board of Stako sp.z o.o. hereby announces by making available to the public pursuant to Art. 535 § 3 of the Commercial Companies Code. today enveloped the demerger plan.
As a global leader in the design and production of passenger- and commercial-vehicle onboard fueling systems for alternative fuels like hydrogen and CNG, as well as storage and transport systems for these gases, we are constantly enhancing our portfolio so that we can better support the world on its journey toward zero emissions.
To optimize our resources for the markets we at Worthington Industries see as most promising for making our and our customers’ businesses more sustainable and profitable, we are separating our two plants in Poland known as “LPG Plant” and “CNG Plant”.
As part of the planned restructuring, the Company plans to divide the Company and transfer its CNG tank business (composite tanks) to a new entity – Worthington Industries Poland sp. z o.o., registered in the Register of Entrepreneurs under KRS number 0000836847, headquartered at Portowa 16B, Slupsk 76-200, Poland (“Worthington”). The sole shareholder of Worthington Industries Poland sp. z o.o. is Worthington Industries International S.a r.l., so the company remains in the same capital group as Stako sp. z o.o.
According to the provisions of the Commercial Companies Code, all rights and obligations related to the CNG plant will be transferred to Worthington. The same applies to the rights and obligations arising from the contracts concluded by Stako sp. z o.o., which are handled by the CNG plant.