Worthington Enterprises

What Worthington Enterprises does

Worthington Enterprises (NYSE: WOR) is an Ohio-headquartered industrial manufacturer founded in 1955, operating two segments — Building Products and Consumer Products — across roughly 14 U.S. locations plus a Portugal facility, with approximately 3,000 employees. The Building Products segment is the larger business and comprises pressure cylinders (steel, aluminum, and composite) for propane, refrigerant, industrial, and specialty gases; water-system tanks under the Amtrol, Well-X-Trol, Extrol, and Therm-X-Trol brands; HVAC components and structural framing via Elgen; cold-formed steel framing via ClarkDietrich; metal roofing components via the acquired LSI Group (BPD, Logan Stampings, Roof Hugger); suspended ceiling systems through the WAVE 50/50 joint venture with Armstrong World Industries; and emerging offerings such as ASME water tanks for data center liquid cooling, A2L-compliant refrigerant cylinders, and Highpoint hydrocarbon-extraction tanks. The Consumer Products segment spans tools, celebrations, and outdoor living products (the Bernzomatic, HALO, and related brands).

Worthington generates revenue primarily through B2B hardware sales — quote-based pricing to industrial gas distributors, propane marketers, HVAC contractors, construction companies, OEMs (e.g., forklift manufacturers), data center operators, and retailers — supplemented by licensing/royalty economics from joint ventures (WAVE, Hexagon Composites-affiliated Sustainable Energy Solutions) and emerging software/subscription revenue from SmartLid (Otodata-powered IoT tank monitoring) and TAGGED RFID inventory management. Distribution is multi-channel: direct enterprise sales, channel partners (ClarkDietrich, Elgen, LSI), the Armstrong WAVE distributor network, and retail outlets for consumer products; the Portugal Amtrol-Alfa facility exports to 100+ countries. Recent strategy is a programmatic Building Products roll-up — Hexagon Ragasco (~$98M, 2024), Elgen Manufacturing (2025), and LSI Group (~$205M, closing Jan 2026) — funded by a flexible balance sheet (~$500M undrawn revolver, net leverage under 1x) and yielding FY2026 net sales of $1.4 billion (up 20% YoY), net earnings of $155 million (up 63%), $296 million in adjusted EBITDA, and a record $170 million in free cash flow. The company has paid quarterly dividends continuously since its 1968 IPO and is recognized as one of Newsweek/Statista's World's Most Trustworthy Companies (2025).

Name

Worthington Enterprises

Legal name

Worthington Enterprises

Website

https://worthingtonenterprises.com

Company type

Public

Founded year

1955

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Worthington Enterprises (NYSE: WOR) is a 70-year-old U.S. industrial manufacturer (HQ Columbus, OH; ~3,000 staff) that designs and produces pressure cylinders (propane, refrigerant, industrial, composite), HVAC and framing components, metal roofing, ceiling systems (via WAVE JV with Armstrong), water-system tanks, and consumer tools and outdoor living products.

Ownership category

akta.pro rank

Headquarters

HQ city

Columbus

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Building Products: Steel processing, pressure cylinders, HVAC components, metal framing, ceiling systems, and building materials. Includes wholly-owned businesses and joint ventures. Contributed $121.7 million in net sales from Elgen and LSI Group acquisitions in FY2026. Growing demand for ASME water tanks for data center liquid cooling systems.
2. Consumer Products: Portable heating (Bernzomatic), outdoor cooking (HALO), tools, celebrations products. HALO Products Group acquired with 80% stake, reported $7 million revenue for 2023. Focus on innovative portable cooking solutions with digital connectivity.
3. Sustainable Energy Solutions / Joint Ventures: 50% joint venture WAVE (ceiling solutions with Armstrong World Industries), 49% stake sold to Hexagon Composites for SES segment. Hexagon Composites invested $10 million in SES JV. Joint ventures contribute to overall segment profitability.

Pricing tiers

Go-to-market motion2 records

Distribution channels7 records

Marketing channels7 records

Core offering

Worthington Enterprises is a diversified manufacturer operating two primary business units: Building Products and Consumer Products. The Building Products segment produces steel, aluminum, and composite pressure cylinders (propane, refrigerant, industrial gas, hydrocarbon extraction), cold-formed steel framing systems (ClarkDietrich), HVAC parts and components (Elgen), suspended ceiling solutions through the WAVE joint venture with Armstrong World Industries, metal roofing components (LSI Group including BPD, Logan Stampings, and Roof Hugger), and water system tanks (Amtrol Well-X-Trol, Extrol, Therm-X-Trol). The Consumer Products segment includes Bernzomatic hand tools, HALO outdoor cooking products (pizza ovens and grills), and celebrations products, with innovations such as SmartLid IoT tank monitoring, PowerCore portable spray canisters, Ragasco composite LPG cylinders, and TAGGED RFID inventory management.

Product overview

Worthington Enterprises operates two primary business segments: Building Products and Consumer Products. The Building Products segment includes pressure cylinders (refrigerant, propane, industrial gases), water systems (Amtrol), HVAC components (Elgen), metal framing (ClarkDietrich), ceiling solutions (WAVE joint venture), metal roofing components (LSI Group), and innovations (SmartLid, PowerCore, Highpoint extraction tanks). The Consumer Products segment includes tools, outdoor living products (HALO brand), and celebrations. The company also offers digital solutions like TAGGED for inventory management. Recent acquisitions include LSI Group (metal roofing, $205M), Hexagon Ragasco (composite LPG cylinders, $98M), and HALO Products Group (outdoor cooking, 80% stake).

Differentiator

Problem solved

Functional benefit

Brands

• Amtrol-Alfa: Steel and composite lightweight cylinders manufacturing for LPG, refrigerant gases, industrial gases, and specialty applications
• ClarkDietrich
• Elgen
• WAVE
• LSI Group
• Ragasco
• HALO
• Highpoint
• SmartLid
• PowerCore
• TAGGED

Products and services

• ClarkDietrich Cold-Formed Steel Framing Systems Cold-formed steel framing systems for walls and ceilings, plus finishing products, engineering services, and digital design tools (iTools) with BIM support, sold to commercial and residential construction contractors.
• Ragasco Composite LPG Cylinders Lightweight, corrosion-resistant composite propane cylinders using fiberglass and resin construction with BLEVE-free safety, translucent body for gas level visibility, and 15-year service life with 5- and 10-year recertification. Sold for portable propane, forklift, hospitality, and outdoor cooking applications.
• SmartLid Remote Tank Monitoring Remote tank monitoring system integrating Otodata's tank monitor into a protective durable lid for vertical, horizontal, and underground heating tanks. Sells IoT hardware and a connected mobile app experience to propane and heating tank operators.
• PowerCore Portable Spray Canister Patent-pending, ergonomic portable spray canister for contractors spraying water-based or corrosive chemicals. Fully mobile carry-and-spray application engineered to fully evacuate contents and reduce product waste.
• Highpoint Extraction Cylinders Stainless steel and carbon steel tanks for hydrocarbon extraction, solvent storage, and industrial extraction operations. Stainless tanks manufactured in Westerville, Ohio with proprietary cleaning process; carbon steel tanks manufactured in Jefferson, Ohio with rust-resistant powder-coat finish.
• A2L Refrigerant Cylinders Specialized pressure cylinders for Class A2L refrigerant gases including R454B, designed to meet EPA AIM Act requirements as the HVAC industry transitions away from R410A. Sold to refrigerant gas distributors and HVACR technicians.
• Amtrol Water Systems (Well-X-Trol, Extrol, Therm-X-Trol) Well tanks, expansion tanks, and thermal expansion tanks for residential and commercial water systems. Well-X-Trol brand features a patented Turbulator water-circulator device and patent-pending antimicrobial liner technology.
• Steel Forklift Cylinders Rugged steel forklift cylinders with two-piece construction, rust-inhibiting Durabond powder coat finish, and multiple valve configurations for warehouse material handling OEMs.
• Aluminum Forklift Cylinders Lightweight aluminum forklift cylinders with durable construction, rust-free finish, non-sparking safety features, and comfortable collar hand-holds for warehouse material handling equipment.
• Fire Suppression Cylinders (FEX) UL/ULC and DOT/TC component-listed fire suppression cylinders for portable and system fire extinguishers storing and transporting dry and wet extinguishing agents, certified to UL-299, UL-2166, CAN/ULC-S504-M86, and EN 1964-2/ISO 9809-2.
• Fuel & Cutting Gas Cylinders Steel and aluminum cylinders for commercial and industrial fuel gas applications including propylene and welding gases, with powder coat finish and rust resistance.
• ASME Water Tanks for Data Center Liquid Cooling ASME-certified water storage tanks engineered for data center liquid cooling systems, addressing demand growth from AI and hyperscale workloads.
• Elgen HVAC Parts and Components HVAC parts and components, ductwork, and structural framing for commercial building renovation, repair, and construction. Distributed to HVAC contractors through the Elgen brand acquired in 2025.
• LSI Group Metal Roofing Components Metal roofing components manufacturer consisting of BPD (metal roof clips), Logan Stampings (metal roof panels and clips), and Roof Hugger (retrofit metal roofing systems), sold directly to commercial roofing contractors.
• WAVE Suspended Ceiling Systems Suspended ceiling systems sold under the Armstrong brand through building materials distribution. Operated as a 50/50 joint venture between Worthington Enterprises and Armstrong World Industries; Americas leader in ceiling suspension systems with 7 U.S. plants.
• TAGGED RFID Inventory Management RFID-based digital inventory management solution for propane tank tracking. Includes Janam XR2 RFID reader, custom tags with integrated NFC and QR codes, and desktop/mobile software subscription for yard management.
• HALO Outdoor Cooking Products Outdoor cooking products including HALO pizza ovens and grills, sold through consumer retail and e-commerce channels. Acquired 80% stake in Kentucky-based HALO Products Group in February 2024.
• Bernzomatic Hand Tools and Torches Hand tools and torch products for construction, industrial, and consumer DIY applications, sold through retail outlets and e-commerce channels under the Bernzomatic brand.

Quantifiable outcome

• Record $170 million full-year free cash flow in FY2026
• +4 more outcomes

Named customers7 records

Segments7 records

Ideal customer profiles8 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability2 records

Feature6 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Hexagon Composites ASAcoreStrategic or Co-development Partner · 29 May 2024Hexagon Composites sold Hexagon Ragasco to Worthington Enterprises for NOK 1,050 million (~$98M). Simultaneously, Hexagon Composites acquired 49% stake in Worthington's Sustainable Energy Solutions (SES) segment for $20 million. Transactions support Hexagon's focus on clean energy solutions while enabling Worthington's global cylinder expansion.
• Armstrong World IndustriescoreStrategic or Co-development Partner · 1 January 199650/50 joint venture WAVE (Worthington Armstrong Venture) established in 1996 for suspended ceiling systems. WAVE is the Americas leader in ceiling suspension systems sold under the Armstrong brand name. Joint venture has 30+ years operating history, 7 U.S. manufacturing plants, 460+ employees, and #1 position in wall-to-wall ceiling solutions.
• OtodatacoreTechnology or IntegrationSmartLid remote tank monitoring powered by Otodata's industry-leading tank monitor technology. Otodata provides the monitoring technology integrated into Worthington's protective lid casing for vertical, horizontal, and underground tanks.
• HeiserTec Joint VentureminorStrategic or Co-development PartnerJoint venture partnership for specific technology or manufacturing capabilities mentioned on company website.
• Industry OrganizationsminorOthersActive participation in industry organizations: ANSI, ASTM, NFPA, CSA, CGA, National Board, NPGA, AHRI, ASSE, IAPMO, ICC, NSF, Women in Propane, ACCA, GAWDA, PERC. Maintains regulatory compliance and thought leadership through industry involvement.

Scale indicators13 records

Recent moves6 records

Expansion highlights7 records

Market position

Competitive moat6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@WorthingtonEnterprisesInc
• Facebookfacebook.com/WorthingtonEnterprisesInc
• LinkedInlinkedin.com/company/worthingtonenterprises
• Instagraminstagram.com/worthingtonenterprises
• Xx.com/WorthingtonInds

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries7 records

Funding overview

Funding rounds1 record

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A23 records

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Worthington Enterprises