Worthington Industries, Inc. (NYSE: WOR), a leading industrial manufacturing company, has announced that its Board of Directors unanimously approved a plan to pursue a separation of the Company’s Steel Processing business into a new public company. Worthington Industries plans to effect the separation via a distribution of stock of the Steel Processing business, which is expected to be tax-free to shareholders for US federal income tax purposes. The Company expects to complete the separation by early 2024.
Latham & Watkins LLP represents Worthington Industries in the transaction with a corporate deal team led by Chicago M&A partner Christopher Drewry, with associate Megan Staub, and Chicago capital markets partners Cathy Birkeland and Alexa Berlin, with associates KC Sands and Cyerra McGowan. Advice on debt capital markets matters is being provided by Chicago partner Roderick Branch and Chicago counsel Manasi Bhattacharyya, with associates Andrew Rutsky and Chelsea Carlson; on tax matters by Century City partner Pardis Zomorodi and Houston partner Jared Grimley, with associate Dominick Constantino; on finance matters by Chicago partners Cindy Caillavet and Matthew Hays, with associates Katherine Stork and Elliot Bromagen; and on intellectual property matters by New York partner Jeffrey Tochner, with associates Dewey Kang and Pelin Serpin.