Worthington increases stake in joint venture

US service centre chain Worthington Industries has gained majority ownership of its Samuel Steel Pickling Company joint venture, Kallanish understands. 

Worthington added its recently acquired Heidtman Cleveland facilities to the joint venture’s portfolio, shifting its total stake in the venture to 63%. Samuel, Son & Co. holds the remaining 37%. 

As a result, the joint venture has been renamed Worthington Samuel Coil Processing, and its earnings will be reported by Worthington. 

“Adding the Heidtman Cleveland facility will enhance the joint venture’s pickling capabilities in this area,” says Worthington ceo John McConnell. “Leveraging the strengths and capabilities of these facilities will allow us to better serve our customers in this market.”

Worthington and Samuel originally formed the joint venture in 2010.