Worthington Industries and Gestamp to Form a Joint Venture

Worthington Industries, Inc. WOR announced today its Worthington Energy Group subsidiary has signed a memorandum of understanding with Gestamp Renewables group to create a 50-50 joint venture. The joint venture, Gestamp Worthington Wind Steel, LLC, will focus on producing towers for wind turbines being constructed in the North American market. The joint venture partners have identified 30 acres in Cheyenne, Wyo. as the site of the joint venture's initial production facility. The parties expect to sign an agreement in the next quarter and anticipate employing 150 people when fully operational. “This joint venture is the result of pursuing opportunities in the renewable energy field for the past nine months in a newly formed Worthington Energy Group,” John P. McConnell, Chairman and CEO of Worthington Industries said. “We are very pleased to be partnering with Gestamp, a company we have known for several years. We share many of the same operating principles and ideals, and also have complementary industry capabilities and experience.” “Worthington and Gestamp will work very well together in this joint venture,” said Jon Riberas, President and CEO of Gestamp Renewables. “We have wind tower manufacturing facilities in Spain, Turkey, and Brazil, and are happy to be partnering with Worthington in our first North American facility.” Gestamp Wind Steel has developed global supply relationships with key players in the wind turbine markets and will bring the operational experience needed for the manufacturing of the towers. Worthington will bring its experience in North America manufacturing, purchasing, and human resources to the venture.