Worthington Industries Acquires Tempel Steel Company

COLUMBUS, Ohio, Dec. 01, 2021 (GLOBE NEWSWIRE) -- Worthington Industries, Inc. [NYSE: WOR] today announced that its Steel Processing segment has completed its acquisition of Tempel Steel Company, a leading global manufacturer of precision motor and transformer laminations for the electrical steel market that includes transformers, machine motors and electric vehicle (EV) motors. The purchase price was approximately $255 million and adds five manufacturing facilities located in Chicago, Canada, China, India and Mexico.

“The addition of Tempel makes us a world leader in the rapidly growing electrical steel market that includes transformers, machine motors and electric vehicle motors,” said President and CEO Andy Rose. “Tempel expands our sustainable mobility offerings beyond lightweighting and hydrogen to more widely serve the global market for hybrids, EVs and the electricity infrastructure needed to support them. Tempel has a rich history and dedicated workforce and we’re excited to officially welcome them to Worthington.”

The transaction, funded primarily with existing cash, includes Tempel’s headquarters and manufacturing operations in Chicago with additional manufacturing facilities in Burlington, Canada, Changzhou, China, Chennai, India and Monterrey, Mexico and adds 1,500 employees.