WORTHINGTON INDUSTRIES, INC. (NYSE:WOR) Files An 8-K Other Events
Item 8.01. Other Events.
On September 30, 2019, Worthington Armstrong Ventures (“WAVE”), a joint venture between Worthington Industries, Inc. (the “Company”) and Armstrong World Industries Inc. (“AWI”), completed the previously announced sale of WAVE’s businesses and operations in the United Kingdom, France, China and India, to Knauf Ceilings and Holding GmbH (“Knauf”). The sale was part of a broader transaction in which AWI also sold its business operations in Europe, the Middle East, Africa and Asia to Knauf. The WAVE and AWI businesses and operations in the Americas were not part of the sale.
WAVE is a leader in the production of suspended ceiling system solutions sold under the Armstrong brand name. A joint venture between AWI and Worthington for 27 years, WAVE combines the culture and strengths of both partners. WAVE employs approximately 450 people and operates four manufacturing locations in the U.S.
About WORTHINGTON INDUSTRIES, INC. (NYSE:WOR)
Worthington Industries, Inc. is a metals manufacturing company, focused on value-added steel processing and manufactured metal products. The Company’s segments include Steel Processing, Pressure Cylinders, Engineered Cabs and Other. The Steel Processing segment buys coils of steel from integrated steel mills and mini-mills, and also toll processes steel for steel mills, end users, service centers and other processors. The Pressure Cylinders segment manufactures and sells filled and unfilled pressure cylinders, tanks, hand torches, and oil and gas equipment along with various accessories and related products for end use market applications. The Engineered Cabs is a non-captive designer and manufacturer of custom-engineered open and enclosed cabs and operator stations and custom fabrications for heavy mobile equipment used in the agricultural, construction, forestry, mining and military industries. The Other segment includes Construction Services and Worthington Energy Innovations.