History
Worthington Industries was founded in 1955 by John H. McConnell, a steel salesman. McConnell saw an opportunity for custom-processed steel and purchased his first load of steel by borrowing $600 against his 1952 Oldsmobile. He founded the company in Columbus, Ohio, where it is still headquartered.
In his first year of business, McConnell grossed $342,000; his profit was $11,000. Throughout the late 1950s and 1960s, he continued to add processing facilities. In 1966, he started sharing his profits with the people he worked with. In 1968, Worthington Industries made its first public stock offering of 150,000 shares at $7.50 per share. Throughout the 1980s, the company continued to expand rapidly.[2]
In 1996, John H. McConnell's son, John P. McConnell, took over as chairman and CEO. He had worked for the company for more than 20 years, having started as a general laborer and later advancing to sales, operations and personnel.[2]
In 2000, Worthington Industries moved to the New York Stock Exchange.[2][3]
In June 2017, the company acquired Amtrol for $283 million.[4] Amtrol produces pressure cylinders and water system components, and is the largest provider of expansion tanks to the plumbing and HVAC markets in the United States,
In September 2020, former company president Andy Rose was named Worthington Industries' president & CEO, succeeding long-time Chairman and CEO John P. McConnell.
In January 2021, the company made two acquisitions. The first was the acquisition of German valve and component company PTEC Pressure Technology GmbH. The second was the acquisition of General Tools & Instruments Company LLC (General Tools), a provider of over 1,200 feature-rich, specialized tools, primarily for measuring and marking, found in supply houses, home centers, and hardware stores worldwide.
In 2022, the company announced its intent to spin off its steel processing business and split into two separate, publicly traded companies. On November 9, 2023, the separation was approved by the board of directors.[5]
On December 1, 2023, Worthington Industries completed its planned separation into two companies: Worthington Enterprises and Worthington Steel.[6] Andy Rose remained president and CEO of Worthington Enterprises and Geoff Gilmore, former VP and COO of Worthington Industries, was named president and CEO of Worthington Steel.
In 2024, Worthington Enterprises made two significant acquisitions. First was the acquisition of HALO, an outdoor cooking company that makes pizza ovens, griddles and pellet grills.[7] In June, the company announced two transactions with Hexagon Composites in Norway: the partial sale of its sustainable energy solutions business to create a joint venture, and the complete purchase of Hexagon Ragasco, the composite cylinder division of Hexagon Composites.[8]
In October 2024, president and CEO Andy Rose announced his retirement. Joseph Hayek, who served as the company’s executive vice president and CFO, was selected to replace Rose and became president and CEO of Worthington Enterprises on November 1, 2024.
