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COLUMBUS, Ohio, June 02, 2022 (GLOBE NEWSWIRE) — Worthington Industries, Inc. (NYSE: WOR) announced the acquisition of Level5® Tools, LLC, a leading supplier of drywall equipment, adding automatic tape and completing equipment for drywall, skimming blades, manual equipment and accessories. The acquisition expands Worthington’s brands and product offerings for customers in its tools category. Level5 serves drywall construction professionals and DIY hobbyists through a network of suppliers and stores, and dominates the drywall equipment market in online sales.
“We are excited to welcome Level5 to Worthington’s circle of family and our portfolio in customer brand development. Together with our existing diversity of tool products across our General, Bernzomatic, Mag-Torch and Pactool brands, Level5 expands our offerings and introduces exciting new finishing markets,” said Steve Caravati, president of consumer products at Worthington Industries.
“Level5 was the first to introduce a full diversity of drywall equipment to the market and has pioneered the industry, leading innovation in the progression of new products and how they are brought to market. “go ahead to leverage those synergies and its strong reputation for quality and best-in-class visitor service, to grow the logo and offer more cutting-edge products and prices to our visitors.
Founded in 2011, Level5 Tools is located in Kansas City, KS and employs approximately 30 people. The continuous monitoring team, which includes founder and CEO Scott Murray, will continue to lead the company. The acquisition is worth around $55 million, with a potential profit of up to $25 million based on functionality through 2024. During the last twelve months ended April 30, 2022, Level5 generated net sales of $32. 7 million and EBITDA of $6. 2 million.
About Worthington Industries Worthington Industries (NYSE:WOR) is a leading commercial manufacturing company that pursues its vision of being a transformative spouse for its customers, a positive force for its communities and generating exceptional returns for its shareholders. For more than six decades, the company has provided cutting-edge answers to customers spanning industries such as automotive, energy, retail and construction. Worthington is North America’s leading value-added metal fabricator and manufacturer of laser-welded and electrical sheet metal answers supplying lightweight, safety-critical, emissions-reducing parts to the mobility market. With onboard fueling systems and fuel containment responses, Worthington serves the developing global hydrogen ecosystem. The company’s focus on innovation and manufacturing expertise extends to market-leading customer products in the tool, life and birthday party categories, sold under the Coleman®, Bernzomatic®, Balloon Time®, Level5 brands. Tools®, Mag Torch®, Well-X -Trol®, General®, Garden-Weasel®, Covenantol International® and Hawkeye™; as well as market-leading building products that add water systems, heating and cooling responses, architectural and acoustic grid ceilings, metal structures, and accessories.
Headquartered in Columbus, Ohio, Worthington operates 58 services in 15 states and nine countries, sells in more than 90 countries, and employs approximately 9500 people. Founded in 1955, the company follows a people-oriented philosophy with the company’s primary purpose of making cash for its shareholders. Tirelessly pursuing new tactics to advance and transform, Worthington is committed to delivering greater answers to its consumers and the communities where it operates by reducing waste, supporting network nonprofits, and training the next generations of manufacturers.
About Level5 Tools, LLCLevel5 is an industry-leading premium manufacturer and supplier of the widest diversity of drywall joining equipment, founded in Kansas City, KS. Level5 has been perfecting its diversity of drywall equipment since 2011 and, thanks to its wide diversity of products, serves thousands of professional finishers in the United States, Canada and other countries. Thanks to the feedback and voice of its customers, Level5 has the leading equipment innovator that makes drywall installation and completion easier, more effective and in the most successful finish for its customers. Level5 works through a wide variety of channel partners and also reaches its end users through direct-to-consumer channels.
Safe Harbor DeclarationWorthington Industries wishes to take advantage of the safe harbor provisions included in the Private Securities Litigation Reform Act 1995 (the “Act”). Worthington Industries’ statements that are not old constitute “forward-looking statements” within the securities and Exchange Commission’s meaning All forward-looking statements are subject to hazards and uncertainties that may cause actual and projected effects to differ. building other dangers.
SONYA L. HIGGINBOTHAMVP, CORPORATE COMMUNICATIONS AND BRAND MANAGEMENT614. 438. 7391 | sonya. higginbotham@worthingtonindustries. com
MARCUS A. ROGIERTESORO AND HEAD OF INVESTOR RELATIONS614. 840. 4663 | marcus. rogier@worthingtonindustries. com
200 old Wilson Rd Bridge. | Columbus, Ohio 43085WorthingtonIndustries. com