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Tuesday, September 2, 2014

Worthington Industries Acquires Palmer Manufacturing and Tank

Worthington Industries’ Pressure Cylinders segment has acquired Palmer Manufacturing and Tank Inc., the maker of steel and fiberglass tanks and processing equipment for the oil and gas industry and custom fiberglass tanks for agricultural, chemical, and general industrial applications.

Palmer manufactures both steel and fiberglass tanks in a range of sizes and is based in Garden City, Kan., which strategically enables it to serve the Bakken formation in North Dakota, the Uinta and Denver-Julesburg basins, and several of the shale formations in northern Texas. The privately owned company employs about 200 people and generated sales of $70 million in its fiscal year ended June 30, 2012.

A fiberglass vertical leg tank made by Palmer Manufacturing and Tank.

A fiberglass vertical leg tank made by Palmer Manufacturing and Tank.

“We are very excited to add the capabilities of Palmer to further the growth in Pressure Cylinders,” said Andrew Billman, president of the business segment. “The Palmer business strengthens our energy position and fits our strategy to geographically expand in the oil and gas industry.”

Billman added that the acquisition helps the business segment participate in the “global growth in alternatives for gas and diesel to power vehicles, which include compressed natural gas (CNG), liquefied natural gas (LNG), autogas (propane), and hydrogen.”

John McConnell, Worthington Industries’ chairman and CEO, noted, “The acquisition of the Palmer business, together with our recent acquisition of Westerman, gives us a strong footprint in the oil and gas industry. This high-value added manufacturing business complements our existing capabilities and should generate strong commercial synergies.”

Worthington’s Pressure Cylinders business segment makes pressure cylinders for the storage of liquefied petroleum, compressed natural gas, refrigerant, oxygen, and industrial gases. Some of its products serve the consumer market.

Worthington is a diversified metals manufacturing company with annual sales of $2.5 billion. The Columbus, Ohio based company operates in many other heavy and light industries. Worthington Industries employs approximately 10,000 and operates 83 facilities in 11 countries.



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