WOR News Worthington Integrates Mid-Rise, Military and Single-family
COLUMBUS, Ohio--(BUSINESS WIRE)--Worthington Industries (NYSE:WOR) announced today the formation of
Worthington Integrated Building Systems (W-IBS) as the single source
solution for mid-rise, military and single family residential
construction.
“We are combining the design, engineering and
construction know-how of all our residential offerings into one group,”
John P. McConnell, Chairman and CEO said. “This
approach leverages our manufacturing capabilities and provides
architects and developers a single solution for their building
construction needs,” McConnell added.
The proven concept of W-IBS is in providing design, engineering and
installation through a panelized system approach. The DBS™
method significantly reduces the construction cycle time for buildings
up to nine stories because of the framing system’s
installation speed and the improved coordination of the mechanical and
electrical trades.
The W-IBS military housing division will continue its focus on the
single-family market. Development of military housing continues to have
great momentum in Hawaii where steel framing is the preferred material
in residential construction. This division is focused on bringing that
framing technology and skill to military bases on the mainland.
Over the last several years, the natural disasters in the coastal areas
of the U.S. have highlighted steel framing as a preferred material
because of its strength and its termite and mold-resistant qualities.
The single-family residential strategy of W-IBS will focus on larger
homebuilders who desire to provide the benefits of steel framing to
their product offering.
McConnell announced that Ralph Roberts, a 30-year Worthington Industries
veteran, will serve as president of W-IBS. “Ralph
has a tremendous amount of experience in the steel business and,
notably, he began our highly successful WAVE joint venture with
Armstrong World Industries. That experience in the construction business
and, most recently, his senior level corporate role with DBS prepares
him well for this assignment,” McConnell added.
In addition to the mid-rise, military and single-family focus, W-IBS
will also be responsible for the development of the China-DBS project.
The DBS mid-rise building system is being used in a development in China
to explore new material applications for the Chinese Ministry of
Construction. The building is completed and is now being reviewed and
tested.
Worthington Industries is a leading diversified metal processing company
with annual sales of approximately $3 billion. The Columbus, Ohio, based
company is North America’s premier value-added
steel processor and a leader in manufactured metal products such as
metal framing, metal ceiling grid systems, pressure cylinders,
automotive past model service stamping and laser welded blanks. The
company employs more than 8,000 people and operates 63 facilities in 10
countries. Worthington Industries is listed as one of America’s
Most Admired Companies and one of the 100 Best Companies to Work For in
America by Fortune magazine.
Founded in 1955, the company operates under a long-standing corporate
philosophy rooted in the golden rule, with earning money for its
shareholders as the first corporate goal. This philosophy, an unwavering
commitment to the customer, and one of the strongest employee/employer
partnerships in American industry serve as the company’s
foundation.
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 the expected benefits of
the new business structure and its products and services; and other
non-historical matters constitute "forward looking statements" within
the meaning of the Act. Because they are based on beliefs, estimates and
assumptions, forward-looking statements are inherently subject to risks
and uncertainties that could cause actual results to differ materially
from those projected. Any number of factors could affect actual results,
including, without limitation: the possibility that costs or
difficulties related to the integration are greater than expected; the
ability to maintain relationships with customers; demand and pricing,
changes in product mix and market acceptance of products and services;
fluctuations in pricing, quality or availability of raw materials
(particularly steel), supplies, utilities and other items; the ability
to realize price increases, cost savings and operational efficiencies on
a timely basis; capacity levels and efficiencies within facilities and
within the industry as a whole; financial difficulties of customers,
suppliers, and others with whom the company does business; the effect of
national, regional and worldwide economic conditions generally and
within major product markets, including a prolonged or substantial
economic downturn; the effect of adverse weather; changes in customer
spending patterns and supplier choices and risks associated with doing
business internationally, including economic, political and social
instability and foreign currency exposure; acts of war and terrorist
activities; the ability to improve processes and business practices to
keep pace with the economic, competitive and technological environment;
deviation of actual results from estimates and/or assumptions used by
the company in the application of its significant accounting policies;
level of imports and import prices in the company’s
markets; the impact of governmental regulations, both in the United
States and abroad; and other risks described from time to time in
filings with the United States Securities and Exchange Commission.
