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Although it is too early to make a definitive statement, we think the purchase of New Albany’s Piper Metal Forming Corporation by Worthington Industries could be a good thing for our community. The deal is expected to close in about 30 days.
Worthington, a public company traded on the New York Stock Exchange under the symbol WOR, is the world’s leading supplier of pressure cylinders. It is a diversified metal processing company with annual sales of $3 billion.
The Columbus, Ohio, based company also is a leader in metal framing, automotive past model service stampings, metal ceiling grid systems and laser welded blanks. The company has 7,000 employees and operates 60 manufacturing plants in 10 countries.
Piper was started in 1958 as National Impacted Metal Corporation and later became a private business under the leadership of Paul Piper. The company, which currently has 188 employees at its New Albany plant, is a leading manufacturer of aluminum high-pressure cylinders, and impact extruded steel and aluminum parts, serving the medical, automotive defense, oil services and other commercial markets.
Harry Goussetis, president of Worthington Cylinders, said, “The products and markets served by Piper complement our presence in the cylinder market. While we currently manufacture a broad range of cylinders, the new aluminum products increase our line of industrial gas product offerings and present an opportunity to participate in the growing medical market.”
Union County Development Association President Dave Kitchens thinks having Worthington Industries in Union County will help solidify the Piper plant’s place in the community and hopefully will lead to some job growth.
We hope his prediction is correct. One thing that is certain is that the company has been recognized through the years for its relations with its employees and customers.
The company has been named one of the “Top 100 Companies to Work for in America” by Fortune Magazine four times. It also has been listed among Fortune’s “Most Admired Companies” and “Best Managed Companies.”
That’s the kind of track record we like to see in a company coming to town. We hope Worthington Industries will continue to be the kind of corporate community citizen that its resume implies.