Worthington Enterprises, Inc 8-K, filed Nov 1, 2022
Worthington Enterprises, Inc. (WOR)
About this 8-K
Worthington Enterprises, Inc filed this 8-K on November 1, 2022, reporting on events of October 31, 2022.
Items reported
- Item 8.01: Other events
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Securities registered pursuant to Section 12(b) of the Act:
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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).
Emerging growth company
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. ☐
Item 8.01 Other Events.
On October 31, 2022, Worthington Specialty Processing ("WSP"), a consolidated joint venture of which a subsidiary of Worthington Industries, Inc. (the "Registrant") owns a controlling interest, sold its remaining steel processing facility, located in Jackson, Michigan, and certain associated assets to an affiliate of Marubeni-Itochu Steel America Inc. for net cash proceeds of approximately $21.3 million. The divestiture will result in a pre-tax gain of approximately $4.0 million within "restructuring and other income, net" during the Registrant's second fiscal quarter ending November 30, 2022, of which approximately $2.0 million will be attributed to the non-controlling interest in WSP. WSP no longer operates any steel processing facilities.
SIGNATURES
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: |
November 1, 2022 |
By: |
/s/Patrick J. Kennedy |
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Patrick J. Kennedy, Vice President - |