Worthington industries announces plan to separate steel processing business, unlocking value by creating new standalone public company

Columbus, ohio, sept. 29, 2022 (globe newswire) -- worthington industries, inc. (nyse: wor), a leading industrial manufacturing company, today announced that its board of directors unanimously approved a plan to pursue a separation of the company's steel processing business into a new public company. worthington industries plans to effect the separation via a distribution of stock of the steel processing business, which is expected to be tax-free to shareholders for u.s. federal income tax purposes. the company expects to complete the separation by early 2024. the planned separation will result in two independent, publicly traded companies, each poised to capitalize on differentiated growth and value creation strategies.
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