Worthington Steel Completes Acquisition of Kloeckner & Co and Announces Intention to Launch Delisting Tender Offer
Worthington Steel, Inc. (NYSE: WS) today completed its voluntary public takeover offer (the “Takeover Offer”) for Kloeckner & Co SE (“Kloeckner”), a leading global service center and metal processing company, following satisfaction of all closing conditions. Worthington Steel has currently secured approximately 62% of Kloeckner’s outstanding shares.
Completion of the Takeover Offer establishes the foundation for a strong strategic partnership between Worthington Steel and Kloeckner. Worthington Steel expects the transaction to broaden its product portfolio, diversify end-market exposure and strengthen its geographic footprint. Over time, the combined company anticipates it will benefit from increased scale, operational efficiencies and the sharing of best practices across both organizations.
“This is an important milestone for Worthington Steel and a meaningful step forward in our growth strategy,” said Geoff Gilmore, Worthington Steel President and CEO. “Kloeckner brings strong capabilities, a talented team and a shared commitment to performance. We are excited about what we can build together over time and will continue to take a disciplined approach as we move toward integration - stronger together.”
