Worthington Industries Announces New Cryogenic Liquid Cylinder Featuring Proprietary Design

Worthington Industries Announces New Cryogenic Liquid Cylinder Featuring Proprietary Design
  
 

COLUMBUS, OH--(Marketwired - Mar 17, 2014) - Worthington Industries, Inc. (NYSE: WOR) announced today the launch of its newly designed, DOT-approved cryogenic liquid cylinder line. The cylinders include proprietary digital and mechanical gauges and are available with capacities ranging from 180 - 265 L net. The cylinders are used to store liquid nitrogen, oxygen, argon and carbon dioxide for industrial gas markets.

Worthington designed its cryogenic liquid cylinder based on customer insights. "Our cryogenics team spent time at industrial gas plants and we experienced first-hand the issues with refurbishment costs, dysfunctional fluid level gauges and overall handling and transport," said Sean Murray, Worthington's director of cryogenics. "We believe this product will differentiate itself from other products on the market and offer valuable benefits to customers."

Patents are pending on new product features designed to help customers diagnose cylinder performance issues, reducing unnecessary refurbishment costs. A new production area at Worthington's Westerville, Ohio facility is dedicated to producing the cryogenic liquid cylinders.

Features include:

• the industry's first liquid cylinder vacuum sensor that takes the guesswork out of diagnosing vacuum quality
• proprietary gauge designed to accurately alert the customer of liquid levels
• redesigned customer and distributor interfaces and optional customized name plate
• center-point lift lug
• raised handling ring for easier valve access
• tamper-proof cap on the pressure builder regulator adjustment screw
• bumper guard and mobile base

"Many cryogenic cylinders sent to refurbishment for vacuum issues actually have been misdiagnosed and can often be repaired at the gas plant. Our vacuum sensor will help customers better diagnose performance issues and avoid the associated $300-$800 refurbishment cost per trip that can occur multiple times in a cylinder's life," Murray explains. "Our proprietary level gauge will reduce customer complaints concerning cylinders running out of gas unexpectedly or being delivered less than full."

The cryogenic liquid cylinder line is part of Worthington Industries' multi-year growth strategy, adding new capabilities in alternative fuels and energy, while looking for synergies within its existing industrial gas market.

"This new line, in addition to our LNG and cryogenic capabilities at Worthington-Aritas, allows us to accelerate our entry into other cryogenic cylinders and offer a unique product portfolio to global markets," said Andy Billman, president of Worthington Industries' Pressure Cylinders division. "I'm proud of our team at Worthington for designing an innovative cryogenic liquid cylinder that is based on customer desire for a smarter product." 

About Worthington Industries Worthington Industries is a leading diversified metals manufacturing company with 2013 fiscal year sales of $2.6 billion. The Columbus, Ohio based company is North America's premier value-added steel processor and a leader in manufactured metal products, such as propane, oxygen, refrigerant and industrial cylinders, hand torches, camping cylinders, scuba tanks, compressed natural gas storage cylinders, industrial cryogenics tanks, helium balloon kits and exploration, recovery and production tanks for global energy markets; custom-engineered open and enclosed cabs and operator stations for heavy mobile equipment; laser welded blanks; steel pallets and racks; and through joint ventures, suspension grid systems for concealed and lay-in panel ceilings, current and past model automotive service stampings and light gauge steel framing for commercial and residential construction. Worthington employs approximately 10,000 people and operates 82 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 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.

CONTACTS: Cathy M. Lyttle VP, Corporate Communications and Investor Relations Phone: [phone] E-mail: Email Contact Sonya L. Higginbotham Director, Corporate Communications Phone: [phone] E-mail: Email Contact