Worthington Industries Inc. announced it has acquired a majority ownership of the Samuel Steel Pickling Company, a joint venture Worthington has had with Samuel, Son & Co. since 2010.
The transaction includes adding Worthington’s recently acquired Heidtman Cleveland facility to the joint venture, which also has facilities in Cleveland and Twinsburg, Ohio. The joint venture will now be called Worthington Samuel Coil Processing, LLC and its earnings will be consolidated into Worthington’s Steel Processing business unit. Worthington now has a 63 percent interest in the joint venture, and Samuel, Son & Co. holds a 37 percent interest.
The new venture will include approximately 170 employees working at three facilities in northern Ohio, including one in Twinsburg and two located in Cleveland.