COLUMBUS, OH – November 13, 2014 – Worthington Industries (NYSE:WOR) today announced that its tailor welded blanking joint venture, TWB Company, LLC, has opened a new facility in Cambridge, Ontario. Initially, the facility will have one laser welding line with the capacity to produce 2 million tailor welded blanks per year with the opportunity to expand.
“Our business continues to grow as we partner with automakers to help reduce the weight of vehicles by expanding the use of tailor welded products and introducing new, lighter and stronger material choices for car parts,” said Geoff Gilmore, president of Worthington Industries Steel Processing. “Our first Canadian facility is strategically located near key customers and frees up capacity at our Monroe, Mich. location.”
The use of tailor welded blanks in vehicles has grown in recent years as automakers use light weighting to improve the fuel economy of vehicles in order to meet new targets set by the government. The significantly higher Corporate Average Fuel Economy (CAFE) standards take effect in 2025. Laser welded blanks are made from welding steel blanks of various thicknesses and grades together to form a tailored blank that is then stamped into automotive body panels.
The Cambridge, Ontario facility is 35,000 square feet with 16 employees, and will initially serve General Motors, Chrysler and several Tier 1 automotive suppliers. Production began this week. The new facility is TWB’s 8th in North America; additional locations include Alabama, Michigan, Tennessee and four in Mexico.
Formed in 1992, TWB Company, LLC is a joint venture of Worthington Industries and Wuhan Iron and Steel Company. Worthington Industries holds majority ownership (55%) of the joint venture and financial results are consolidated within Worthington’s Steel Processing business segment. The venture is North America’s market leader for tailor welded products. More information at www.TWBCompany.com
About Worthington Industries
Worthington Industries is a leading global diversified metals manufacturing company with 2014 fiscal year sales of $3.1 billion. Headquartered in Columbus, Ohio, Worthington is North America’s premier value-added steel processor providing customers with wide ranging capabilities, products and services for a variety of markets including automotive, construction and agriculture; a global leader in manufacturing pressure cylinders for industrial gas and cryogenic applications, CNG and LNG storage, transportation and alternative fuel tanks, oil and gas equipment, and branded consumer products for camping, grilling, hand torch solutions, scuba diving and helium balloon kits; and a manufacturer of operator cabs for heavy mobile industrial equipment; laser welded blanks for light weighting applications; automotive racking solutions; and through joint ventures, complete ceiling grid solutions; automotive tooling and stampings; and steel framing for commercial construction. Worthington employs approximately 10,000 people and operates 82 facilities in 10 countries.
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