Thursday, March 3, 2011
ClarkWestern and Dietrich Form Joint Venture
Marubeni-Itochu Steel America Inc. and Worthington Industries Inc. announced that they have reached an agreement in principle to combine ClarkWestern Building Systems and Dietrich Metal Framing in a newly-formed joint venture. In the transaction, MISA will acquire a 75 percent interest of the joint venture, and Worthington will acquire a 25 percent interest. As part of the exchange, Worthington will also acquire the assets of the non-automotive service center business of MISA Metals, Inc. (MMI) consisting of three steel processing facilities located in Ohio and Tennessee. Both parties anticipate the deal will be signed by the end of the month.