Dietrich Metal Framing and Bailey Metal Products Form Strategic Alliance
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Dietrich`s Canadian Assets Sold, Distribution & Licensing Agreements Established
COLUMBUS, Ohio--(Business Wire)--
Worthington Industries, Inc. (NYSE:WOR) announced today that its metal framing
business has formed a strategic alliance with Bailey Metal Products Limited that
includes the sale of its Dietrich Canada subsidiary to Bailey. The agreement,
effective immediately, between the companies names Bailey the exclusive
distributor of Dietrich`s proprietary and vinyl products in Canada. Bailey will
license its paper faced metal corner bead product to Dietrich to manufacture and
sell in most of the United States.
"The alliance with Bailey will allow us to focus our sales efforts on the U.S.
market while broadening our product reach in Canada," said John Roberts,
president of Dietrich Metal Framing. "We look forward to utilizing our existing
facilities and distribution channels to benefit both companies."
Angelo Sarracini, president of Bailey Metal Products Limited stated, "We believe
this exciting alliance between Bailey and Dietrich will translate into improved
customer value and enhance the development of metal framing in North American
construction markets."
The sale of Dietrich Canada includes two manufacturing facilities located in
Burnaby, British Columbia and Mississauga, Ontario and two sales and
distribution centers located in LaSalle, Quebec and Edmonton, Alberta, employing
61 people in total.
The distribution agreement gives Bailey exclusive distribution in Canada of
Dietrich`s proprietary products including all clips, slotted track, TradeReady
and vinyl products, including stucco & plaster, drywall veneer and EIFS & DEFS
accessories. Dietrich will hold the license to manufacture and sell Bailey`s
paper faced metal corner bead product line in most of the United States.
About Dietrich Metal Framing
Dietrich Metal Framing is the largest manufacturer of steel framing products in
the United States. Dietrich`s employees use state-of-the-art equipment and
in-house metallurgic labs to ensure superior product performance and competitive
prices. Dietrich Metal Framing, founded in 1959, is a Worthington Industries
Company.
About Worthington Industries
Worthington Industries is a leading diversified metal processing company with
annual sales of approximately $2.6 billion. The Columbus, Ohio based company is
North America`s premier value added steel processor and a leader in manufactured
metal products such as light gauge steel framing for commercial and residential
construction; framing systems and stairs for mid-rise buildings; pressure
cylinder products such as propane, oxygen and helium tanks, hand torches,
camping cylinders, and scuba tanks; current and past model automotive service
stampings; metal ceiling grid systems; steel pallets and racks; and laser welded
blanks. Worthington employs approximately 6,400 people and operates 63
facilities in 10 countries.
About Bailey Metal Products Limited
Bailey Metal Products is the largest manufacturer of steel framing products in
Canada, manufacturing and distributing a complete line of wall, floor and roof
assemblies. In addition to its metal framing operations, the company operates
three steel service centers which support its core manufacturing. Bailey is a
family controlled business with operations beginning in 1950, and has eight
divisions in B.C., Alberta, Ontario and Quebec.
Safe Harbor Statement
The company wishes to take advantage of the Safe Harbor provisions included in
the Private Securities Litigation Reform Act of 1995 ("the Act"). Statements by
the company, which are not historical information, constitute "forward looking
statements" within the meaning of the Act. All forward-looking statements are
subject to risks and uncertainties, which could cause actual results to differ
from those projected. Factors that could cause actual results to differ
materially include risks described from time to time in the company's filings
with the Securities and Exchange Commission.
Worthington Industries, Inc.
Cathy M. Lyttle, 614-438-3077
VP, Corporate Communications and Investor Relations
E-mail: cmlyttle@WorthingtonIndustries.com
or
Sonya L. Higginbotham, 614-438-7391
Director, Corporate Communications
E-mail: slhiggin@WorthingtonIndustries.com
Copyright Business Wire 2009
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