Steelworker inspecting molten steel during steel pour in steelworks
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Latham & Watkins Advises Worthington Enterprises in Completed Spin-Off of Steel Processing Business

December 1, 2023
A multidisciplinary team led by members of the firm’s Capital Markets and M&A Practices represented the industrial manufacturer in the spin-off and creation of a standalone, publicly traded company.

Worthington Enterprises, Inc. (NYSE: WOR), formerly Worthington Industries, Inc., a leading industrial manufacturing company, has announced that it has completed the previously announced separation of its Steel Processing business, Worthington Steel Inc., into a standalone, publicly traded company. Worthington Steel common stock begins “regular-way” trading on the New York Stock Exchange (NYSE) on December 1, 2023, under the ticker symbol “WS”. Worthington Enterprises common stock continues trading on the NYSE under the ticker symbol “WOR”.

Latham & Watkins LLP represented Worthington Enterprises in the transaction with a corporate deal team led by Chicago capital markets partners Cathy Birkeland and Alexa Berlin, with associates KC Sands, Cyerra McGowan, and Molly Nelson, and Chicago M&A partner Christopher Drewry, with associates Alice Bradshaw, Lucy Chauvin, and Caroline Hughes. Advice was also provided on debt capital markets matters 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 Sinclair and Matthew Hays, with associate Katherine Stork; on intellectual property matters by New York partner Jeffrey Tochner, with associates Dewey Kang and Pelin Serpin; on benefits and executive compensation matters by Los Angeles partner David Taub, with associate Megan Ampe; on real estate matters by Chicago counsel Jeffrey Anderson; on data privacy matters by London partner Fiona Maclean and Bay Area partner Robert Blamires, with associate Kathryn Parsons-Reponte; on derivatives matters by New York partner Carlos Alvarez, with associate Tiiu Lemsalu; on environmental matters by Washington, D.C. partner James Barrett, with associate Brittany Curcuru; and on insurance matters by San Diego partner Drew Gardiner.