M&A Deal Summary

Worthington Industries Acquires Tank Manufacturing Division - Steffes

On March 28, 2014, Worthington Industries acquired machinery company Tank Manufacturing Division - Steffes from Steffes

Acquisition Highlights
  • This is Worthington Industries’ 5th transaction in the Machinery sector.
  • This is Worthington Industries’ 7th transaction in the United States.
  • This is Worthington Industries’ 1st transaction in North Dakota.

M&A Deal Summary
Date 2014-03-28
Target Tank Manufacturing Division - Steffes
Sector Machinery
Buyer(s) Worthington Industries
Sellers(s) Steffes
Deal Type Divestiture

Target

Tank Manufacturing Division - Steffes

Dickinson, North Dakota, United States
Steffes manufactures oilfield storage tanks for customers drilling in the Bakken shale and Williston Basin region out of a manufacturing facility.

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Buyer(S) 1

Buyer

Worthington Industries

Columbus, Ohio, United States

website

Category Company
Founded 1955
Sector Metals/Mining
Employees8,000
Revenue 5.2B USD (2022)
DESCRIPTION
Entrance to Worthington Industries' corporate headquarters in Columbus, Ohio.
Entrance to Worthington Industries' corporate headquarters in Columbus, Ohio.

Worthington Industries is a diversified metal processing company. Worthington is a value-added steel processor and a leader in manufactured metal products such as metal framing, pressure cylinders, automotive past model service stampings, metal ceiling grid systems and laser welded blanks. Worthington Industries was founded 1955 and is based in Columbus, Ohio.

DEAL STATS #
Overall 9 of 22
Sector (Machinery) 5 of 6
Type (Divestiture) 1 of 5
State (North Dakota) 1 of 1
Country (United States) 7 of 19
Year (2014) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-04-09 Palmer Mfg. and Tank

Garden City,, Kansas, United States

Palmer Mfg. and Tank Inc. is a manufacturer of steel and fiberglass tanks and processing equipment for the oil and gas industry, and custom manufactured fiberglass tanks for agricultural, chemical and general industrial applications.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-07-31 James Russell Engineering Works

Boston, Massachusetts, United States

James Russell Engineering Works, Inc. manufactures aluminum and stainless steel cryogenic transport trailers used for hauling liquid oxygen, nitrogen, argon, hydrogen and liquefied natural gas (LNG) for top producers and distributors of industrial gases and LNG.

Buy -

Seller(S) 1

SELLER

Steffes

Dickinson, North Dakota, United States

website

Category Company
Founded 1940
Sector Machinery
DESCRIPTION

Steffes Corp. manufacturer of 400 barrel oil tanks.In addition to oil tanks, the company offers its oil industry customers additional metal products for each oil site such as; steel berms, walkways, stair cases, cattle guards, berm walkovers, and various other accessories.

DEAL STATS #
Overall 1 of 1
Sector (Machinery) 1 of 1
Type (Divestiture) 1 of 1
State (North Dakota) 1 of 1
Country (United States) 1 of 1
Year (2014) 1 of 1
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