Worthington Industries recently announced that it has signed a purchase agreement to acquire the propane and specialty gas cylinder assets of Western Industries.
Western's Propane & Specialty Cylinder Group manufactures 14.1 oz. and 16.4 oz. disposable cylinders for hand torches, camping stoves, portable heaters and table top grills from two locations.
The revenues of this group were about $50 million for the last year. These assets will be included in Worthington's Pressure Cylinders business segment.
The company said the transaction is expected to be modestly accretive in the first year. Under the proposed terms, Worthington will acquire Western's cylinder assets for $64.5 million in cash.
