Worthington buys tank maker for $70M

Sep 18, 2012 | 03:04 PM | Michael Cowden

Tags  Worthington Industries, John McConnell, Andy Billman, Westerman, mergers, acquisitions, energy, shale nuclear

CHICAGO — Worthington Industries Inc. has acquired Westerman Cos., a tank and pressure vessel manufacturer, for $70 million.

The Columbus, Ohio-based steel processor said its purchase of Bremen, Ohio-based Westerman would boost its exposure to the energy, alternative fuels, and marine and industrial markets.

"Westerman has an impressive customer base, including many companies active in the drilling of the Utica and Marcellus shale formations. It also positions us to support the North American energy production revival," Worthington chairman and chief executive officer John McConnell said in a statement.....

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