Worthington Enterprises, Inc 8-K, filed Oct 23, 2020
Worthington Enterprises, Inc. (WOR)
About this 8-K
Worthington Enterprises, Inc filed this 8-K on October 23, 2020.
Items reported
- Item 8.01: Other events
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b‑2 of the Securities Exchange Act of 1934 (§240.12b‑2 of this chapter).
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Emerging growth company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. |
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Item 8.01. Other Events
Worthington Industries, Inc. (the “Registrant”) is reporting that its subsidiary, Worthington Cryogenics, LLC (the “Company”), has reached agreements to sell its operations in Theodore, Alabama.
The Company has signed an agreement with IC Biomedical US, LLC to sell the Company’s cryo-science and microbulk storage unit business. Closing of this sale, which is subject to customary closing conditions, is expected to occur within the next two weeks.
As previously disclosed in the Registrant’s Quarterly Report on Form 10-Q for its first quarter, the Company sold its cryogenic trailer and hydrogen trailer business, including the Theodore, Alabama manufacturing site, to Chart Industries, Inc. on October 13, 2020.
The combined purchase prices for the two transactions is approximately $21,700,000, subject in each case to closing working capital adjustments. The Registrant estimates that the two sales will generate one-time pre-tax losses totaling approximately $7,000,000, primarily related to the allocation of goodwill.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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WORTHINGTON INDUSTRIES, INC. |
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Date: October 23, 2020 |
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By: |
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/s/Dale T. Brinkman |
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Dale T. Brinkman, Senior Vice President- Administration, General Counsel & Secretary |
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