The Board of Worthington Industries, Inc. (NYSE:WOR) announced the spin-off of Steel Processing business of Worthington Industries, Inc. on September 29, 2022. Worthington Enterprises, Inc. (NYSE:WOR) entered into a separation and distribution agreement on November 30, 2023. The record date for the distribution is November 21, 2023. Steel Processing business of Worthington Industries, Inc. has a net sales of $4149 million and EBITDA of $192 million as of August 31, 2022. Following the completion of the separation, New Worthington will continue to be led by Andy Rose and will maintain its headquarters in Columbus, Ohio. Worthington Industries's Board of Directors unanimously approved a plan to pursue a separation of the Company?s Steel Processing business into a new public company. Completion of the separation is subject to, among other things, general market conditions, finalization of the capital structure of the two companies, completion of steps necessary to qualify the separation as a tax-free transaction, receipt of regulatory approvals and final approval by the Company?s Board of Directors. The Company expects to complete the separation by early 2024. As of February 2, 2023, Worthington announced new leadership team, comprises of Chief Executive officer and president Andy Rose, Eric Smolenski, Steve Caravati, and Sonya Higginbotham will lead the New Worthington. As of October 4, 2023, Worthington Industries, Inc. filed registration statement on Form 10 with the Securities and Exchange Commission. Goldman Sachs & Co. LLC is serving as Worthington?s lead financial advisor, and Latham & Watkins LLP, and Vorys Sater Seymour & Pease acted as legal advisors to Worthington Enterprises, Inc. (NYSE:WOR). Broadridge Corporate Issuer Solutions, Inc. acted as a distribution agent in the transaction.

Worthington Enterprises, Inc. completed the Spin-Off of Worthington Steel, Inc. (NYSE:WS) on December 1, 2023.