Company Summary: Worthington Enterprises, Inc.

Overview

• Founded: 1955 as Worthington Industries
• Headquarters: Columbus, Ohio
• Business Focus:
  • Leading designer and manufacturer of innovative metal products and solutions
  • Organized into two primary segments: Consumer Products and Building Products
  • Also involved in unconsolidated joint ventures and other activities

Business Segments

1. Consumer Products

• Products:
  • Propane-filled cylinders for torches, camping, grilling, and recreational use
  • Helium-filled balloon kits
  • Handheld torches and specialty hand tools
  • Gas grills and pizza ovens
  • Accessories and related equipment
• Customer Base: Retailers, mass merchandisers, professional contractors, tradespeople, DIY consumers
• Key Brands: Balloon Time®, Bernzomatic®, Coleman® (licensed), Garden-Weasel®, General®, Halo®, Hawkeye™, Level5®, Mag-Torch®, Pactool International®, Worthington Pro Grade™
• Facilities: 5 manufacturing facilities located in Kansas (2), New Jersey, Wisconsin, Kentucky
• Revenue (2025): Approx. $499.7 million, representing 43% of total consolidated sales
• Employees: Part of total ~3,400 employees company-wide

2. Building Products

• Products & Solutions:
  • Pressurized containment solutions:
    • Refrigerant and LPG cylinders
    • Well water tanks
    • Expansion tanks
    • Specialty tanks (fire suppression, chemical, foam, adhesive)
  • Unconsolidated joint ventures:
    • WAVE: Manufactures ceiling suspension systems; 7 facilities in GA, MI, NV, CA, MD
    • ClarkDietrich: Produces light-gauge steel framing products; 15 facilities across US and Canada
• Customer Base: Gas producers/distributors, residential and commercial construction, industrial sectors
• Key End Markets: Residential construction, non-residential construction, repair/remodel markets
• Revenue (2025): Approx. $654.1 million, 57% of total sales
• Employees: Part of overall ~3,400 employees and joint venture workforce (~2,600)

Financial Highlights (2025)

• Total Revenue: $1.154 billion
• Net Earnings: $95 million attributable to controlling interest
• Gross Profit: $319 million (Gross Margin: 27.6%)
• Operating Loss: $10.7 million (impacted by impairments and separation costs)
• Adjusted EBITDA: $263.5 million
• Employees: Approximately 3,400 employees (company-wide)

Key Developments

• Separation of Steel Processing Business: Completed December 1, 2023; Worthington Steel now operates independently with NYSE ticker WS
• Major Acquisitions:
  • Ragasco: Norwegian manufacturer of composite propane cylinders (acquired June 2024, ~$108.6 million)
  • Halo: Outdoor cooking solutions business, 80% ownership (acquired February 2024, ~$9.6 million)
  • Elgen: HVAC components manufacturer, purchase completed June 2025 (~$93 million)

Additional Details

• Employees: About 3,400 employees; joint ventures employ about 2,600 additional individuals
• Customer Concentration: Largest customer accounts for 28% of consumer product sales
• Revenue Mix: Focus on North American and European markets, with international operations making up approximately 17% of sales in 2025
• Trade & Market Focus: End markets are cyclical, influenced by macroeconomic factors such as construction activity, consumer confidence, raw material prices, and supply chain conditions

Summary

Worthington Enterprises is a diversified manufacturer specializing in metal, gas containment, and related consumer and industrial products. It operates across multiple U.S. locations and active international markets, with a significant focus on innovative, safety-certified, and high-quality products for consumer, construction, and industrial end markets. The company's strategic acquisitions and separation of its steel business reflect its focus on growth, innovation, and operational efficiency.