Worthington Enterprises (NYSE: WOR) has completed the acquisition of Elgen Manufacturing for approximately $93 million. Elgen, a market-leading designer and manufacturer of HVAC parts and components, ductwork, and structural framing primarily used in commercial buildings throughout North America, generated net sales of $114.9 million and EBITDA of $13.3 million for the trailing 12 months ended April 30, 2025.
The acquisition aligns with Worthington's strategy to build and acquire businesses with leadership positions in niche markets. Elgen's steel-based products are used by contractors to renovate, repair, and build HVAC infrastructure within commercial buildings, and its sales strategy features direct sales to contractors and strategic distributor partnerships.
The addition of Elgen to Worthington's building products segment, which includes critical building systems and components for heating, cooling, construction, and water applications, is expected to create meaningful opportunities for synergies and growth. Jimmy Bowes, President of Building Products at Worthington, believes that leveraging Worthington's domestic footprint, manufacturing expertise, and purchasing power will generate operational efficiencies for Elgen.
David Young, CEO of Elgen Manufacturing, stated that the acquisition accelerates their ability to serve customers and retain and attract a top workforce. He, along with other members of the Elgen leadership team, will remain with the business and maintain similar roles and responsibilities.
Today the company's shares have moved -0.37% to a price of $58.85. For more information, read the company's full 8-K submission here.
