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    February 2, 2021

    Worthington Sells O&G Equipment Business to Ten Oaks

    Written by Michael Cowden

    Worthington Industries has sold its oil and gas equipment business to an affiliate of Ten Oaks Group, the company said.

    The deal includes operations in Bremen, Ohio, and Tulsa, Okla. Worthington said it would keep the land and lease it back to the new owners.

    Worthington“We’re pleased to find a family-owned buyer in Ten Oaks that can better position our oil and gas equipment business for success,” Worthington President and CEO Andy Rose said.

    The facilities will be operated by the new ownership under the name of Westerman Inc., the service center and manufacturer said.

    Worthington did not disclose a price for the deal. It acquired Westerman in 2012 for $70 million.

    By Michael Cowden, Michael@SteelMarketUpdate.com

    Michael Cowden

    Michael Cowden is editor-in-chief for Steel Market Update. Cowden has covered the steel industry since 2007. He specializes in flat-rolled steel but has also reported on steel long products, steel pipe and tube, and aluminum. Before joining SMU, Cowden held reporting jobs at Fastmarkets AMM in Chicago, the Associated Press in Pittsburgh, and the Cambodia Daily in Phnom Penh. He has also worked as a copy editor and in marketing at the University of Chicago Press. Cowden has a BA in English from the University of Chicago and an MSJ journalism from Northwestern University’s Medill School of Journalism. Contact him at michael@steelmarketupdate.com or 724-759-7872.

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