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WOR > SEC Filings for WOR > Form 8-K on 9-Apr-2013All Recent SEC Filings

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Other Events, Financial Statements and Exhibits

Item 8.01 Other Events

On April 9, 2013, Worthington Industries, Inc. (the "Registrant") announced that its Pressure Cylinders segment acquired the business of Palmer Mfg. & Tank, Inc. ("Palmer"), a manufacturer of steel and fiberglass tanks and processing equipment for the oil and gas industry, and custom manufactured fiberglass tanks for agricultural, chemical and general industrial applications. The purchase price was $113,500,000, which includes payments to the founder of Palmer in respect of the assignment of certain intangible property and an individual noncompetition agreement, and is subject to adjustment based on the final working capital of the Palmer business. The business of Palmer is located in Garden City, Kansas and employs approximately 200 people.

Palmer manufactures both steel and fiberglass tanks in a comprehensive range of sizes and is strategically located to serve the Bakken formation in North Dakota, the Uinta and Denver-Julesburg basins, along with several of the shale formations in northern Texas. Palmer was founded in 1971 and has 184,000 square feet of manufacturing space at the Garden City headquarters. The privately-owned company generated sales of $70 million in its fiscal year ended June 30, 2012.

Item 9.01 Financial Statements and Exhibits.

(a) - (c) Not applicable.

(d) Exhibits: The following exhibit is included with this Current Report on Form 8-K:

Exhibit No.            Description

  99.1        News Release issued by Worthington Industries, Inc. on April 9,

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