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Worthington acquires majority stake in Samuel Steel Pickling


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Worthington acquires majority stake in Samuel Steel Pickling

Worthington Industries Inc. said Jan. 6 that it acquired a majority ownership of 63% in Samuel Steel Pickling Co., the company's joint venture with Samuel Son & Co. Ltd., which now holds 37% equity in the venture.

The joint venture is now called Worthington Samuel Coil Processing LLC, and its earnings will be consolidated into Worthington's steel processing business unit.

The transaction includes adding Worthington's recently acquired Heidtman Cleveland facility to the joint venture.

The new venture will have about 170 employees working at three facilities in northern Ohio: one in Twinsburg and two in Cleveland.