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.
“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
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