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Worthington Industries to Supply Composite Hydrogen Cylinders

COLUMBUS, OH–(Marketwired – Nov 30, 2015) – Worthington Industries, Inc. (NYSE: WOR) announced today that its Alternative Fuels business has signed a multi-year contract with Teijin Engineering to supply Type 3, composite hydrogen cylinders to a major Japanese automotive OEM, to be used on a new hydrogen fuel cell vehicle. This exclusive agreement with Teijin Engineering of Osaka, Japan, will be to supply cylinders for automobiles in the Japanese market in early 2016 and later in the U.S.

“As a leader in onboard fuel storage technology, our proprietary design and manufacturing processes for hydrogen (H2) storage enabled us to be the first manufacturer of 10,000 PSI, Type 3 composite cylinders with UN-GRT heavy-duty testing approvals,” said Wayne Powers, general manager of Worthington Industries’ Alternative Fuels business. “This agreement is for approximately 5,000 vehicles over the life of the five-year agreement, with two of our cylinders in each, and will require expanding the space and manufacturing capabilities in our Pomona, Calif. facility. Worthington has been doing business in Japan with Teijin Engineering for more than 20 years and is excited to be working with them on this latest project.”

About Worthington Industries
Worthington Industries is a leading global diversified metals manufacturing company with 2015 fiscal year sales of $3.4 billion. Headquartered in Columbus, Ohio, Worthington is North America’s premier value-added steel processor providing customers with wide ranging capabilities, products and services for a variety of markets including automotive, construction and agriculture; a global leader in manufacturing pressure cylinders for industrial gas and cryogenic applications, CNG and LNG storage, transportation and alternative fuel tanks, oil and gas equipment, and brand consumer products for camping, grilling, hand torch solutions and helium balloon kits; and a manufacturer of operator cabs for heavy mobile industrial equipment; laser welded blanks for light weighting applications; automotive racking solutions; and through joint ventures, complete ceiling grid solutions; automotive tooling and stampings; and steel framing for commercial construction. Worthington employs approximately 10,000 people and operates 83 facilities in 11 countries.

Safe Harbor Statement 
The Company wishes to take advantage of the Safe Harbor provisions included in the Private Securities Litigation Reform Act of 1995 (the “Act”). Statements by the Company relating to its ability to increase market participation, expand and integrate capacity, increase efficiencies and reduce lead time, achieve growth in general and in specific markets, and other statements which are not historical information constitute “forward looking statements” within the meaning of the Act. All forward-looking statements are subject to risks and uncertainties which could cause actual results to differ from those projected. Factors that could cause actual results to differ materially include risks described from time to time in the Company’s filings with the Securities and Exchange Commission.

 

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