Worthington Enterprises Files 8-K
Ticker: WOR · Form: 8-K · Filed: May 29, 2024 · CIK: 108516
| Field | Detail |
|---|---|
| Company | Worthington Enterprises, Inc. (WOR) |
| Form Type | 8-K |
| Filed Date | May 29, 2024 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $98.0 m, $9.0 m, $5.0 million, $10 million, $50.0 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: 8-K, disclosure, corporate-events
TL;DR
WORTHINGTON ENTERPRISES filed an 8-K on 5/29/24. Major event disclosure.
AI Summary
Worthington Enterprises, Inc. filed an 8-K on May 29, 2024, to report other events and financial statements. The filing indicates a change in the company's reporting structure or significant corporate actions, though specific details of these events are not elaborated in the provided text.
Why It Matters
This 8-K filing signals that Worthington Enterprises has made significant corporate announcements or undergone material events that are required to be disclosed to the public.
Risk Assessment
Risk Level: low — The filing itself is a standard disclosure document and does not inherently present new risks, but the underlying events it reports could carry risks.
Key Numbers
- 001-08399 — Commission File Number (Identifier for the company's SEC filings)
- 31-1189815 — IRS Employer Identification No. (Company's tax identification number)
Key Players & Entities
- WORTHINGTON ENTERPRISES, INC. (company) — Registrant
- Ohio (location) — State of Incorporation
- May 29, 2024 (date) — Date of Report
FAQ
What specific 'Other Events' are being reported by Worthington Enterprises, Inc. in this 8-K filing?
The provided text of the 8-K filing does not specify the details of the 'Other Events' being reported, only that this item is being addressed.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing was on May 29, 2024, which is also the date of the report.
What is Worthington Enterprises, Inc.'s principal executive office address?
Worthington Enterprises, Inc.'s principal executive offices are located at 200 West Old Wilson Bridge Road, Columbus, Ohio, 43085.
What is the Commission File Number for Worthington Enterprises, Inc.?
The Commission File Number for Worthington Enterprises, Inc. is 001-08399.
What is the IRS Employer Identification Number for Worthington Enterprises, Inc.?
The IRS Employer Identification Number for Worthington Enterprises, Inc. is 31-1189815.
Filing Stats: 668 words · 3 min read · ~2 pages · Grade level 11.8 · Accepted 2024-05-29 16:04:12
Key Financial Figures
- $98.0 m — on June 3, 2024, will be approximately $98.0 million, subject to closing adjustments a
- $9.0 m — er increase the purchase price by up to $9.0 million, or reduce the purchase price by
- $5.0 million — , or reduce the purchase price by up to $5.0 million. The purchase price will be sourced pri
- $10 million — in the joint venture for approximately $10 million. The Registrant holds a 49% stake in th
- $50.0 million — alysis, is estimated to be in excess of $50.0 million. The joint venture with Hexagon, will
Filing Documents
- wor-20240529.htm (8-K) — 43KB
- wor-ex99_1.htm (EX-99.1) — 23KB
- 0000950170-24-065902.txt ( ) — 179KB
- wor-20240529.xsd (EX-101.SCH) — 23KB
- wor-20240529_htm.xml (XML) — 4KB
01 Other Events
Item 8.01 Other Events. On May 29, 2024, Worthington Enterprises, Inc. (the "Registrant") announced that it has entered into a definitive agreement to acquire Hexagon Ragasco AS ("Ragasco"), a leading manufacturer of composite propane cylinders, from Hexagon Composites ASA ("Hexagon"). The purchase price for the acquisition of Ragasco, which is expected to close on June 3, 2024, will be approximately $98.0 million, subject to closing adjustments and a potential earnout that could, based upon Ragasco's performance through 2024, either increase the purchase price by up to $9.0 million, or reduce the purchase price by up to $5.0 million. The purchase price will be sourced primarily from the Registrant's existing cash. Ragasco, which will operate within the Registrant's Building Products segment, employs approximately 130 people and is headquartered in Raufoss, Norway. The Registrant also announced on May 29, 2024 that it has entered into a joint venture with Hexagon, which will be comprised of the operating businesses that make up the Registrant's Sustainable Energy Solutions segment. Pursuant to the transaction, which closed on May 29, 2024, Hexagon acquired a 49% stake in the joint venture for approximately $10 million. The Registrant holds a 49% stake in the joint venture, and the remaining 2% is held by members of the existing management team of the Registrant's Sustainable Energy Solutions segment. In connection with the formation of the joint venture, the Registrant will record a one-time pre-tax loss, which, subject to an on-going analysis, is estimated to be in excess of $50.0 million. The joint venture with Hexagon, will be based in Europe, employing approximately 500 people and operating facilities in Austria, Germany and Poland.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 99.1 News Release by Worthington Enterprises, Inc. ("Worthington Enterprises Announces Planned Acquisition of Hexagon Ragasco and Sustainable Energy Solutions Joint Venture with Hexagon Composites") 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. WORTHINGTON ENTERPRISES, INC. Date: May 29, 2024 By: /s/Patrick J. Kennedy Patrick J. Kennedy, Vice President - General Counsel and Secretary