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Worthington Industries Acquires Angus For $180M

Tue, 01/03/2012 - 8:39am

COLUMBUS, Ohio (AP) — Metal products maker Worthington Industries Inc. announced Tuesday that it has acquired manufacturer Angus Industries for $180 million in cash.

Angus, based in Watertown, S.D., designs and manufactures cabs and operator stations for heavy mobile equipment in agriculture, construction, mining and other markets. It has facilities in Northwood, Iowa; Greeneville, Tenn., and Florence, S.C.

Worthington said in a news release that the acquisition will create a new manufacturing segment for the company, to be called Engineered Cabs. Angus had about $200 million in revenue last year and its acquisition is expected to add to Worthington's earnings in its first year, the company said.

Shares of Columbus-based Worthington rose 94 cents, or 5.7 percent, to $17.32 in morning trading Tuesday.

 

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