Worthington Industries Buys Cylinder Business

Metals processor said it acquired a Pomona, Calif.-based Structural Composites Industries for an undisclosed amount in an effort to grow its cylinder business.

COLUMBUS, Ohio (AP) -- Metals processor Worthington Industries Inc. said Friday it acquired a Pomona, Calif.-based cylinder company in an effort to grow that segment of its business.

Worthington said its cylinders division purchased privately held Structural Composites Industries LLC for an undisclosed amount. Structural Composites makes lightweight, aluminum-lined, high pressure cylinders for the commercial, military and aerospace industries.

SCI reported revenue of about $36 million in 2008 and has 150 employees. Worthington said the deal is expected to "modestly" add to financial results next year.

"SCI's expertise in manufacturing composite cylinders and their strong management team are the perfect complement to our existing steel and aluminum product lines," said Harry Goussetis, president for Worthington's cylinders division in a statement. "This business is our entry into weight critical applications and it will expand our opportunities in the faster growing alternative fuels and (self-contained breathing apparatus) sectors."

Worthington Industries had annual sales of about $2.6 billion last year and has about 6,400 employees worldwide. Shares of the Columbus, Ohio, company fell 6 cents, to $13.37 in morning trading.

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