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Worthington Industries company logo
Corporation
INDUSTRIALS | Manufacturing / Metal Fabrication
worthingtonindustries.com

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Investments

1

Portfolio Exits

5

Partners & Customers

3

About Worthington Industries

Worthington Industries (NYSE: WOR) operates as a diversified metals processing company focusing on steel processing and manufactured metal products in the United States, Canada, and Europe. The company processes flat-rolled steel and stainless steel for the automotive, construction, lawn and garden, hardware, furniture, office equipment, electrical control, tubing, leisure and recreation, appliance, agricultural, HVAC, container, and aerospace markets. It was founded in 1955 and is based in Columbus, Ohio.

Headquarters Location

200 Old Wilson Bridge Road

Columbus, Ohio, 43085,

United States

800-944-2255

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Latest Worthington Industries News

Bavaria and Lower Austria Focus on Hydrogen

Nov 29, 2022

By FuelCellsWorks November 29, 2022 5   min read  (795 words) November 29, 2022 | 5 min read Austria – Bavaria and Lower Austria want to cooperate more closely to advance developments in hydrogen technology. An agreement was reached in Munich on Wednesday that should benefit both sides. Climate change, gas shortage, energy crisis: there are many reasons to switch to renewable energies and reduce fossil fuels. Currently, it is mainly renewable energies such as water, wind and sun that are either used directly or kept ready via battery and buffer storage. Hydrogen, especially when produced in an ecological way, has an advantage in terms of storage and transport capability. However, it will be some time before people adopt fuel cell technology on a broad scale. When a Lower Austrian delegation, led by Governor Johanna Mikl-Leitner (ÖVP), visited the BMW plant in Munich, it became apparent that the car manufacturer has also focused on e-cars in recent years and while meanwhile intensively researching fuel cell technology for years. Before the end of this year, the company plans to build the first small series of cars powered by hydrogen. According to the company’s management, it will be some time before the cars finally go into series production, but it should be “before the end of this decade.” “We’ve seen that we probably can’t serve 100 percent of our customer base with battery electric vehicles. We’ve launched a lot of battery electric vehicles in the last few years, which are great products. But we are now developing hydrogen-electric vehicles as a second mainstay,” says Jürgen Guldner, who is responsible for the BMW Group’s hydrogen research program. For hydrogen to become generally usable on a large scale, long lead times are needed, the example of the carmaker also shows. That is why the cooperation between Bavaria and Lower Austria should act as an accelerator for both sides. Better networking of science, business, and industry On the one hand, an exchange on a scientific and economic level was agreed on Wednesday. Because already now there are innovative products around hydrogen. For example, the company “Worthington Industries” in Mostviertel produces high-pressure containers for the volatile gas, which can be used in vehicles but also as storage tanks. The Waldviertel company Testfuchs, on the other hand, has developed an electricity generator that runs on hydrogen instead of diesel. The know-how of the companies from Lower Austria is to be networked with those in Bavaria, explains Mikl-Leitner. The focus is on innovation in the field of technology as a whole, she says. It is a matter of “creating a platform together with business, science and industry through which scientific projects are advanced, says Mikl-Leitner. Söder: “Lower Austria is playing a central role” A second key point is the supply of hydrogen. If transport and industry need hydrogen, then it will also be necessary to transport the raw material via pipelines. Here, the intention is to rely on joint pipelines. Hydrogen produced in Africa, for example, could be transported by ship to southern Europe and then forwarded via dedicated pipelines. The existing gas pipelines could be adapted accordingly with relatively little effort. In this regard, Bavaria is hoping for increased cooperation with Lower Austria, according to Bavarian Prime Minister Markus Söder (CSU). “We have agreed on an exchange of touch points regarding future hydrogen pipelines. While people in Berlin think very much from the north, we in Bavaria think from the south. We think in the direction of the Mediterranean and the Alpine region, and Lower Austria will play a very central role there. We have decided to launch our own hydrogen network in Burghausen with a connection in Lower Austria. I believe that we can develop a new axis here in terms of research and pipelines,” says the Bavarian Minister President. The fact that hydrogen is a key technology of the future has been recognized not only in Europe. Massive investments are also being made in this technology in Asia and the USA. In order for Europe to play a leading role in this field in the future, regional cooperation is needed, as was recently the case between Lower Austria and Bavaria. Read the most up to date Fuel Cell and Hydrogen Industry news at  FuelCellsWorks About Worthington Industries Worthington Industries Europe is the largest designer and manufacturer of pressure vessels in the region with over 1,600 employees working at facilities in Austria, Poland and Portugal. Worthington is the first in its industry to incorporate sustainable practices into its long-term business strategy. With the lightest composite and steel low- and high-pressure cylinders available, Worthington designs and makes solutions for technical gases, industrial gases, and alternative fuels. The Company invests strategically in production facilities that serve the sustainable mobility market with gas-storage, transport and onboard fueling systems for cars, buses, trucks and more.

Worthington Industries Investments

1 Investments

Worthington Industries has made 1 investments. Their latest investment was in Simple-Fill as part of their Series A on March 3, 2018.

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Worthington Industries Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

3/6/2018

Series A

Simple-Fill

$1.7M

Yes

1

Date

3/6/2018

Round

Series A

Company

Simple-Fill

Amount

$1.7M

New?

Yes

Co-Investors

Sources

1

Worthington Industries Portfolio Exits

5 Portfolio Exits

Worthington Industries has 5 portfolio exits. Their latest portfolio exit was Stako on May 28, 2021.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

5/28/2021

Acquired - II

$99M

4

3/15/2021

Divestiture

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$99M

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10

10/13/2020

Divestiture

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$99M

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10

11/5/2019

Divestiture

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$99M

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10

1/2/2019

Divestiture

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$99M

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10

Date

5/28/2021

3/15/2021

10/13/2020

11/5/2019

1/2/2019

Exit

Acquired - II

Divestiture

Divestiture

Divestiture

Divestiture

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

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Sources

4

10

10

10

10

Worthington Industries Acquisitions

20 Acquisitions

Worthington Industries acquired 20 companies. Their latest acquisition was LEVEL5 on June 02, 2022.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

6/2/2022

$99M

Acquired

2

11/1/2021

$99M

Acquired

2

6/8/2021

$99M

Acquired Unit

2

2/1/2021

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$99M

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10

1/7/2021

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$99M

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10

Date

6/2/2022

11/1/2021

6/8/2021

2/1/2021

1/7/2021

Investment Stage

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Total Funding

Note

Acquired

Acquired

Acquired Unit

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Sources

2

2

2

10

10

Worthington Industries Partners & Customers

3 Partners and customers

Worthington Industries has 3 strategic partners and customers. Worthington Industries recently partnered with Rev1 Ventures on July 7, 2022.

Date

Type

Business Partner

Country

News Snippet

Sources

7/26/2022

Vendor

United States

Rev1 Ventures Partners with Worthington Industries to Accelerate...

Today , Rev1 Ventures , the startup studio that combines capital and strategic services , is announcing a partnership with Worthington Industries , Inc. to fuel innovation in smart manufacturing , Internet of Things , data & analytics and sustainability .

3

4/13/2016

Partner

United States

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10

1/17/2012

Vendor

United States

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10

Date

7/26/2022

4/13/2016

1/17/2012

Type

Vendor

Partner

Vendor

Business Partner

Country

United States

United States

United States

News Snippet

Rev1 Ventures Partners with Worthington Industries to Accelerate...

Today , Rev1 Ventures , the startup studio that combines capital and strategic services , is announcing a partnership with Worthington Industries , Inc. to fuel innovation in smart manufacturing , Internet of Things , data & analytics and sustainability .

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Sources

3

10

10

Worthington Industries Team

12 Team Members

Worthington Industries has 12 team members, including current Chief Operating Officer, Executive Vice President, Geoff Gilmore.

Name

Work History

Title

Status

Geoff Gilmore

Chief Operating Officer, Executive Vice President

Current

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Name

Geoff Gilmore

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Work History

Title

Chief Operating Officer, Executive Vice President

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Status

Current

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