COLUMBUS, Ohio - Worthington Industries Inc. announced that its Pressure Cylinders segment has purchased the BernzOmatic business from Irwin Industrial Tool Co., a subsidiary of Newell Rubbermaid. The transaction was financed with the company’s revolving credit facility and is expected to be immediately accretive.
BernzOmatic is a manufacturer and marketer of hand-held torches, solder, accessories, and related products, sold in retail and professional HVAC/plumbing wholesale channels. Worthington said the acquisition of BernzOmatic’s assets increases the company’s product mix, adds new products, such as solder and accessories, and provides an entrée into the plumbing wholesale channel, currently sold under the Lenox brand, as well as international markets. The acquisition also directly supports Worthington Cylinders’ established hand-held torch cylinder business. BernzOmatic operates two manufacturing facilities, in Medina, N.Y., and Winston-Salem, N.C., and had revenues of approximately $100 million in the 2010 calendar year.
“This acquisition accelerates our growth in the hand torch business with an established retail brand and gives us access to additional international distribution channels,” said John McConnell, Worthington Industries chairman and CEO.
“We can now offer customers the benefit and opportunity to purchase Worthington’s hand torch cylinder and the BernzOmatic hand torch and accessories from the same manufacturer,” said Harry Goussetis, president of Worthington Cylinders. “In addition to its strong brand, BernzOmatic has a history of product innovation. We anticipate enhancing that legacy with our manufacturing capabilities and expertise to grow existing and new product categories.”
For more information, visit www.worthingtonindustries.com.
Publication date: 07/18/2011
July 21, 2011: Worthington Cylinders Acquires BernzOmatic
July 21, 2011