Worthington Industries obtains Structural Composites Industries

Worthington Industries, Inc. (NYSE:WOR) announced today that its Worthington Cylinders business segment has purchased Structural Composites Industries, LLC (SCI).

SCI is a leading manufacturer of DOT-approved lightweight, aluminum-lined, composite-wrapped high pressure cylinders used in commercial, military, marine and aerospace applications. Product lines include cylinders for alternative fuel vehicles using natural gas or hydrogen, self-contained breathing apparatus (SCBA), aviation oxygen and escape slides, military applications, home oxygen therapy, and advanced & cryogenic structures.

SCI is located in Pomona, Calif., and has approximately 150 employees. Revenues were approximately $36 million in calendar year 2008. The transaction is expected to be modestly accretive in the first year.

“With this acquisition we continue to execute on our strategy to grow the pressure cylinder business, with a focus on broadening the portfolio beyond its original, core markets,” said Worthington Industries Chairman and CEO, John P. McConnell.

“SCI’s expertise in manufacturing composite cylinders and their strong management team are the perfect complement to our existing steel and aluminum product lines,” said Harry Goussetis, President of Worthington Cylinders. “This business is our entry into weight critical applications and it will expand our opportunities in the faster growing alternative fuels and SCBA sectors.”