Worthington Industries, Inc. (WOR) said Monday that its Pressure Cylinders segment has acquired the Westerman Companies, a manufacturer of tanks and pressure vessels for the oil and gas, nuclear and marine markets.
The company noted that the purchase price for the acquisition was $70 million, of which approximately $6 million went to pay down Westerman debt.
Westerman is a manufacturer of highly technical products for global energy markets, including oil and gas and nuclear, where its energy products are used for a broad variety of exploration, recovery and production purposes.
John McConnell, Worthington Industries' Chairman and CEO, said, "This acquisition fits our growth strategy well as it increases our participation in the global energy and alternative fuels markets, and provides diversification in the marine and industrial markets."
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