COLUMBUS, Ohio, September 23, 2020 --- Worthington Industries, Inc. (NYSE:WOR) today announced the Company donated $20 million from the proceeds of its Nikola investment to the Worthington Industries Foundation to establish a charitable endowment in its name at The Columbus Foundation. Worthington plans to use the earnings on the endowment to support worthwhile causes in the community.
The Worthington Industries Foundation also announced $1 million in grants to help address increased needs related to the necessities of food, housing and education due to the coronavirus pandemic. The Company’s foundation will donate $500,000 to the Mid-Ohio Food Collective, $250,000 to the Community Shelter Board and $250,000 to the Bridging the Digital Divide fund at The Columbus Foundation.
“We are proud to use proceeds from this investment to not only benefit our Company, our employees and shareholders, but also invest in our community in a way that it will benefit for many years to come,” said Worthington Industries President & CEO Andy Rose. “In this extraordinary time, we wanted to prioritize the most basic needs and support the most vulnerable populations, providing increased opportunities for more people to thrive.”
The Worthington Industries grant to Mid-Ohio Food Collective (MOFC) will support their comprehensive campaign to meet the increased demand for food assistance in our communities and advance their mission toward ending hunger. The grant will strengthen access to nutritious food and groceries for struggling families through all the MOFC’s assets including the Mid-Ohio Foodbank, Mid-Ohio Farmacy, Mid-Ohio Farm, Mid-Ohio Kitchens and Mid-Ohio Markets.
The Community Shelter Board (CSB) leads a coordinated, community effort to make sure everyone has a place to call home. With experts expecting dramatic increases in homelessness due to COVID-19’s economic fallout and the expiration of the federal eviction moratorium, the gift from Worthington Industries will help CSB stabilize more families facing homelessness.
The Bridging the Digital Divide fund was established by the Columbus Foundation after immense needs were identified related to the lack of technology and broadband access for home-based learning, in addition to non-digital challenges students face. Worthington’s donation to this fund will help ensure that students and their families do not get left behind while remote learning continues, with a focused effort to decrease racial and social inequities supporting related initiatives and projects through 2021.
About Worthington Industries
Worthington Industries (NYSE:WOR) is a leading industrial manufacturing company delivering innovative solutions to customers that span many industries including transportation, construction, industrial, agriculture, retail and energy. Worthington is North America’s premier value-added steel processor and producer of laser welded products; and a leading global supplier of pressure cylinders and accessories for applications such as fuel storage, water systems, outdoor living, tools and celebrations. The Company’s brands, primarily sold in retail stores, include Coleman®, Bernzomatic®, Balloon Time®, Mag Torch® and Well-X-Trol®. Worthington’s WAVE joint venture with Armstrong is the North American leader in innovative ceiling solutions.
Headquartered in Columbus, Ohio, Worthington operates 52 facilities in 15 states and six countries, sells into over 90 countries and employs approximately 7,500 people. Founded in 1955, the Company follows a people-first philosophy with earning money for its shareholders as its first corporate goal. Relentlessly finding new ways to drive progress and practicing a shared commitment to transformation, Worthington makes better solutions possible for customers, employees, shareholders and communities.
Safe Harbor Statement
The Company wishes to take advantage of the Safe Harbor provisions included in the Private Securities Litigation Reform Act of 1995 (the “Act"). Statements by the Company which are not historical information constitute "forward looking statements" within the meaning of the Act. All forward-looking statements are subject to risks and uncertainties which could cause actual results to differ from those projected. Factors that could cause actual results to differ materially include risks, uncertainties and impacts described from time to time in the Company's filings with the Securities and Exchange Commission, including those related to COVID-19 and the various actions taken in connection therewith, which could also heighten other risks.