Worthington Armstrong To Sell Business In Europe, Middle East, Africa And Asia

(RTTNews) - Worthington Industries, Inc. (WOR) announced that its Worthington Armstrong Venture, WAVE, has agreed to sell its business and operations in Europe, Middle East, Africa and Asia, to Knauf Group. Worthington expects to realize approximately $45 million for its 50% share of the WAVE operations being sold. Once completed, the sale is expected to reduce Worthington's share of equity income from WAVE by approximately $5 million per year. The agreement includes the sale of WAVE businesses and operations in the United Kingdom, France, China and India.

"The returns from the international business at WAVE have always been challenging, and the sale will allow WAVE leadership to focus on expanding market leading business in the U.S. where growth opportunities and returns are more attractive," said John McConnell, CEO of Worthington Industries.