LEFCO and Worthington Form Joint Venture

COLUMBUS, Ohio--Worthington Industries announced today that its subsidiary, Worthington Steelpac Systems, LLC, has acquired a 49 percent interest in LEFCO Industries, LLC, a minority business enterprise (MBE). The resulting joint venture will become LEFCO Worthington, LLC. In addition to continuing LEFCO’s existing products, the joint venture will manufacture steel rack systems for a variety of industries, including automotive and trucking.

LEFCO operates a manufacturing facility in Cleveland, Ohio, where the company produces engineered wooden crates and specialty pallets. Worthington Steelpac and LEFCO have been working in a strategic alliance for the past two years to assess opportunities for an MBE supplier in the steel rack fabrication market. With Steelpac on board, the joint venture will now purchase tubular steel and fabricate metal racks to facilitate the movement of equipment and parts in manufacturing facilities.

“This investment gives us the opportunity to expand our customer base and our rack business,” said Don Pulver, vice president of Worthington Steelpac. “LEFCO will give Steelpac the potential to participate more broadly in the rack business by giving customers the option to purchase from an MBE-certified rack supplier.”

About Worthington Steelpac

Worthington Steelpac, a Worthington Industries company, operates a manufacturing facility in Pennsylvania which designs and manufactures reusable custom platforms, racks, and pallets made of steel for supporting, protecting and handling products throughout the shipping process for industries such as automotive, lawn and garden and recreational vehicles. Steelpac is preparing to roll out its new metal distribution pallet for handling and logistics after the first of the year.

Worthington Industries is a leading diversified metal processing company with annual sales of approximately $3 billion. The Columbus, Ohio, based company is North America’s premier value-added steel processor and a leader in manufactured metal products such as metal framing, metal ceiling grid systems, pressure cylinders, automotive past model service stampings and laser welded blanks. Worthington Industries and its subsidiaries employ more than 8,000 people and operate 67 facilities in 10 countries.

About LEFCO Industries

Headquartered in Cleveland, Ohio, LEFCO Industries is a leading manufacturer of wooden crates, specialty pallets and other custom material handling products. The company also provides value added services such as design, assembly and flexible packaging solutions, offering superior cargo protection. Its customers include General Dynamics, Parker Hannifin, the U.S. Navy and Lockheed Martin.

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.