Cylinder business paying off, Worthington Industries says

Jun 28, 2013 | 04:58 PM | Corinna Petry

Tags  Worthington Industries, cylinder business, Palmer Mfg & Tank, Westerman Companies, acquisitions, John McConnell, Mark Russell, Andy Rose alternative fuel

CHICAGO — Worthington Industries Inc. has seen steel cylinders used to pressurize gases and liquids grow immensely as a profitable business due to key acquisitions in recent years.

"We have acquired 12 companies in the past four years for $585 million, (and) these businesses will contribute $140 million of Ebitda (earnings before interest, taxes, depreciation and amortization) in the coming year," vice president and chief financial officer Andy Rose said during a June 27 earnings conference call. "Several of these companies are in fast-growing markets such as alternative fuels, energy production and storage."....

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