COLUMBUS, OH--(Marketwired - Oct 29, 2015) - Worthington Industries, Inc. (NYSE: WOR) today announced that its Pressure Cylinders segment has acquired certain assets of Trilogy Engineered Systems, a leader in compressed natural gas (CNG) fuel systems for heavy duty trucks.
"Trilogy's technology and fuel system models complement our existing CNG fuel systems offering," said Andrew Billman, president of the Worthington Industries Pressure Cylinders business. "This acquisition accelerates the opportunity for growth in our alternative fuels business and supports our commitment to provide reliable high quality alternative fuel tanks and systems. It also increases our opportunity to partner with Trilogy's established network of dealers and service centers, and provide value through the supply chain."
Trilogy's extended-range hybrid back of cab models and vocational rail mount models complement Worthington's current top of body models and enable Worthington to provide an innovative fuel system portfolio for medium and heavy duty truck applications. Trilogy offers back of cab and rail mount configurations in a variety of sizes.
"We are also pleased to work with Palmer Trucks and an established dealer network, to continue developing CNG technology that improves fuel economy, and ultimately fleet profitability and further CNG adoption in on-highway and vocational markets," said Billman. Palmer is a dealer/service center and one of the founding members of Trilogy.
Trilogy's fuel systems assembly assets will be integrated into Worthington's Salt Lake City, Utah operation.
About Worthington Industries
Worthington Industries is a leading global diversified metals manufacturing company with 2015 fiscal year sales of $3.4 billion. Headquartered in Columbus, Ohio, Worthington is North America's premier value-added steel processor providing customers with wide ranging capabilities, products and services for a variety of markets including automotive, construction and agriculture; a global leader in manufacturing pressure cylinders for industrial gas and cryogenic applications, CNG and LNG storage, transportation and alternative fuel tanks, oil and gas equipment, and brand consumer products for camping, grilling, hand torch solutions and helium balloon kits; and a manufacturer of operator cabs for heavy mobile industrial equipment; laser welded blanks for light weighting applications; automotive racking solutions; and through joint ventures, complete ceiling grid solutions; automotive tooling and stampings; and steel framing for commercial construction. Worthington employs approximately 10,000 people and operates 83 facilities in 11 countries.
Safe Harbor Statement
The Company wishes to take advantage of the Safe Harbor provisions included in the Private Securities Litigation Reform Act of 1995 (the "Act"). Statements by the Company relating to its ability to increase market participation, expand and integrate capacity, increase efficiencies and reduce lead time, achieve growth in general and in specific markets, and other statements which are not historical information constitute "forward looking statements" within the meaning of the Act. All forward-looking statements are subject to risks and uncertainties which could cause actual results to differ from those projected. Factors that could cause actual results to differ materially include risks described from time to time in the Company's filings with the Securities and Exchange Commission.
Source: Marketwired (Canada)
(October 29, 2015 - 5:04 PM EDT)
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