Worthington 2024
THE EVOLUTION OF BETTER
In September 2022, Worthington Industries announced plans to separate our Steel Processing business and create two standalone public companies by early 2024 – one comprised of our Building Products, Consumer Products and Sustainable Energy Solutions segments, and the second, our Steel Processing business. We call this initiative Worthington 2024. The planned separation will result in two publicly traded companies, each poised to capitalize on differentiated growth and value creation strategies. This page is a resource for the most up-to-date information on Worthington 2024.
Most recently, we announced the names for the two new companies: Worthington Enterprises and Worthington Steel. We look forward to a bright future for both companies.
Following two consecutive years of record earnings, we are excited to pursue this separation from a position of strength and create two distinct, market‐leading companies with strong cash flows and compelling growth opportunities.
Creating Two Distinct, Market-Leading Companies
DIFFERENTIATED GROWTH
The planned separation of our Steel Processing business will result in two standalone, publicly traded companies, each poised to capitalize on differentiated growth and value creation strategies.
- Worthington Enterprises is positioned with premier brands in fast‐growing, attractive end markets in Consumer Products, Building Products and Sustainable Energy Solutions.
- Worthington Steel will be a best‐in‐class, value‐added steel processor with blue chip customers and expanded opportunities in electrical steel and automotive lightweighting.
Compelling Benefits of Worthington 2024
UNLOCKING VALUE
- Enhanced agility and sharpened strategic focus: Each company will have a sharper focus on its distinct markets and strategic priorities.
- Tailored capital allocation strategies: Each company is expected to have modest leverage and ample liquidity combined with strong cash flows, providing flexibility to deploy capital toward its specific growth opportunities.
- Shareholder value creation opportunities: The separation will create two distinct businesses enabling them to be more focused with differentiated investment theses, making each company easier for investors to understand and appropriately value.
- Outstanding boards of directors and management teams: Both companies will be overseen by engaged and highly qualified directors and led by experienced leadership teams with proven records of driving growth and creating value.
For nearly 70 years, we have continued my father’s legacy of operating Worthington on a people-first Philosophy, focused on driving shareholder value. I am confident that our business leaders will carry forward Our Philosophy and successfully lead each business through its next phase of growth.
Worthington 2024 FAQ
As we progress through the separation of companies, we’ve addressed some of the most frequently asked or anticipated questions below.
The planned separation of our Steel Processing business from the other Worthington business segments will result in two independent, publicly traded companies, each poised to capitalize on differentiated growth and value creation strategies.
- Worthington Enterprises is positioned with premier brands in fast‐growing, attractive end markets in Consumer Products, Building Products and Sustainable Energy Solutions.
- Worthington Steel will be a best‐in‐class, value‐added steel processor with blue chip customers and expanded opportunities in electrical steel and automotive lightweighting.
This separation will better position each organization to serve the unique needs of its customers. With a sharpened strategic focus and greater agility, each company will have flexibility to invest in meeting customers’ evolving needs. Both companies will carry forward the people-first Philosophy and customer commitment that has guided Worthington for nearly 70 years.
Both organizations will continue to be headquartered in Columbus, Ohio.
Andy Rose, our current Chief Executive Officer (CEO), will become CEO of Worthington Enterprises – the business comprised of our Building Products, Consumer Products and Sustainable Energy Solutions segments.
Geoff Gilmore, our current Chief Operating Officer (COO), will become Chief Executive Officer of Worthington Steel.
The planned separation is expected to be completed as early as December 2023.
CONTACT
Todd Cesaratto
Director of Communications & Marketing
Sustainable Energy Solutions
eu-communications@worthingtonindustries.com