Worthington Enterprises, Inc. · NYSE:WOR
Worthington Enterprises — Worthington Industries — Merger or Acquisition (February 2011)
6 slides from Worthington Enterprises's merger presentation, Feb 24, 2011
Slide 1: Dietrich – ClarkWestern Joint Venture & Related MISA Metals Acquisition
Dietrich – ClarkWestern Joint Venture & Related MISA Metals Acquisition © 2011 Worthington Industries, Inc. February 22, 2011
Slide 2: Dietrich & ClarkWestern Joint Venture
2 Dietrich & ClarkWestern Joint Venture Worthington merging Dietrich operations into ClarkWestern (CWBS) operations to form metal framing JV 75% owned by Marubeni-Itochu Steel America (MISA), 25% Worthington Industries JV includes 13 facilities-WI will close 7 Dietrich facilities, CWBS will close 1
Slide 3: Worthington to receive non-automotive steel processing assets of MISA
3 Dietrich & ClarkWestern Joint Venture Worthington to receive non-automotive steel processing assets of MISA Value received: $70M ($56M working capital + $14M fixed assets) 3 Facilities - Vonore, TN and a portion of Middletown, OH facility will remain open, Lawrenceburg, TN will close MISA retains
Slide 4: Metal framing joint venture best solution for underperforming asset in a difficult market
4 Dietrich & ClarkWestern Joint Venture Metal framing joint venture best solution for underperforming asset in a difficult market Create a clear market leader with low cost production, a full-line of accessories and high service levels National footprint Broadest product line Lower cost structure Ra
Slide 5: Transaction offers numerous benefits to Worthington
5 Dietrich & ClarkWestern Joint Venture Transaction offers numerous benefits to Worthington Cashless exchange of assets other than working capital and cost sharing (net inflow) $60-$70M of cash from: Sale of non-contributed assets from Dietrich Closed facilities and equipment from MISA Metals Liquid
Slide 6: International Construction Strategy Remains Intact
6 Dietrich & ClarkWestern Joint Venture International Construction Strategy Remains IntactStrategy intact for Worthington Construction Group’s (WCG) global roll-out of the W-IBS steel framing systemDesign, engineer and erect light gauge steel-framed residential mid-rise buildingsFocused on China and
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