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Worthington Industries to purchase Tempel Steel Co.

November 1, 2021 - Worthington Industries Inc., Columbus, Ohio, announced that its steel processing segment has signed an agreement to acquire Tempel Steel Co., Chicago, manufacturers of precision motor and transformer laminations for the electrical steel market. Tempel is a global business and manufactures in five facilities located in Chicago, Canada, China, India and Mexico.

“Acquiring Tempel will immediately make us a market leader in the rapidly growing electrical steel market that includes transformers, machine motors and electric vehicle (EV) motors,” said President and CEO Andy Rose. “Worthington’s experience and deep relationships in the automotive sector will position Tempel to further penetrate the growing hybrid and EV market.” Rose added, “As EVs are embraced globally and the electricity infrastructure is upgraded and expanded to accommodate the shift to electric motors, we’re excited about what our organizations can do together on a global scale.”

Leveraging the latest engineering technology, Tempel’s proprietary manufacturing techniques provide customers with highly engineered, precision-stamped, electrical steel laminations used for the core of electric motors, transformers and generators.  With hybrids and EVs expected to continue growing at double-digit rates worldwide, Tempel will significantly enhance Worthington’s existing automotive offerings, including its lightweighting technology and laser welded solutions that deliver weight and cost reductions and increased fuel efficiency to the mobility market. Tempel also serves the important electricity infrastructure and distribution markets, which are expected to see significant investment and growth to support the transition to electric motors across multiple industries.

The transaction is expected to close in December 2021 with a purchase price of approximately $255 million plus the assumption of certain liabilities, funded primarily with existing cash. Tempel generated net revenue of approximately $377 million and EBITDA of $35 million, adjusted to exclude estimated inventory holding gains, for the trailing twelve months ended Sept. 30, 2021. Founded in 1945, Tempel is headquartered in Chicago with additional manufacturing facilities in Burlington, Canada, Changzhou, China, Chennai, India and Monterrey, Mexico, with 1,500 employees.

A presentation with additional information can be found on the investor relations section of the company’s website.  In addition, the company will discuss the Tempel acquisition in more detail during its previously announced Investor and Analyst day scheduled for Nov. 10, 2021 at 9:30 a.m. ET.  Investors and analysts interested in attending this virtual event may register by visiting the company’s website at WorthingtonIndustries.com or emailing Investors@worthingtonindustries.com for additional information.

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