Worthington Enterprises, Inc. designs and manufactures products sold to consumers, primarily through retail channels, in the tools, outdoor living and celebrations market categories, as well as a wide array of highly specialized building products. The company primarily serve customers in the residential and non-residential construction markets, including ceiling suspension systems and light gauge metal framing products, respectively, through its unconsolidated joint ventures, WAVE (Worthington A...
Worthington Enterprises, Inc. designs and manufactures products sold to consumers, primarily through retail channels, in the tools, outdoor living and celebrations market categories, as well as a wide array of highly specialized building products. The company primarily serve customers in the residential and non-residential construction markets, including ceiling suspension systems and light gauge metal framing products, respectively, through its unconsolidated joint ventures, WAVE (Worthington Armstrong Venture) and ClarkDietrich (Clarkwestern Dietrich Building Systems LLC), as well as wholly-owned and consolidated operations that produce pressurized containment solutions for heating, cooking and cooling applications, among others.
The company's business strategy is rooted in its people-first culture that values relationships across the spectrum and revolves around products and services that improve everyday life by elevating spaces and experiences. Originally founded as a value-added steel processor domiciled under the laws of the state of Ohio, the company expanded its offerings to include manufactured metal products organized around attractive end markets, under two separate and distinct reportable operating segments: Consumer Products and Building Products.
On June 18, 2025, the company acquired Elgen, a leading provider of HVAC components, ductwork, and structural framing used primarily in commercial building applications across North America.
On June 3, 2024, the company completed the acquisition of Ragasco, a leading global manufacturer of composite propane cylinders based in Norway.
Segments
The company operates through two segments: Consumer Products and Building Products.
Consumer Products segment
Consumer Products segment has a diverse product offering in the tools, outdoor living, and celebrations categories under market-leading brands that include the following: Balloon Time, Bernzomatic, Coleman (licensed), Garden-Weasel, General, Halo, Hawkeye, Level5, Mag-Torch, Pactool International, and Worthington Pro Grade. These include propane-filled cylinders for torches, camping stoves, and other applications, handheld torches, helium-filled balloon kits, specialized hand tools and instruments, drywall tools and accessories, and gas grills and pizza ovens sold primarily to mass merchandisers, retailers, and distributors. These offerings are used by a diverse customer base, ranging from DIY consumers to professional contractors, and tradespeople across a variety of applications.
In fiscal 2025, Consumer Products generated approximately 43% of the company's consolidated net sales.
Consumer Products operates five facilities, with two in Kansas, and one each in Kentucky, New Jersey, and Wisconsin.
Key End Markets and Product Categories
The key end markets and product categories in which the company’s consumer products business competes include the following:
Tools: The company sells a variety of tools for both professional and DIY consumers. The company’s products include hand-held torches, micro torches, lighters, accessories and fuel for constructing, fixing making and creating; precision and specialty hand, digital and safety tools; and drywall tools and accessories used for finishing and taping, cutting, siding and roofing. Most of the company’s products are sold online and to home centers and other retailers. The company closely monitors key market activity, including but not limited to inflationary pressures, consumer debt/income ratios, consumer spending levels, and activity within the adjacent repair and remodel end market, discussed further below in the discussion of Building Products end markets.
Outdoor Living: The company competes in the large, growing, and fragmented outdoor living market. This includes participation levels, and the resilience of consumer demand for product purchases in these categories versus other discretionary categories. The nature of the outdoor activities to which the company caters often requires recurring purchases throughout the year, resulting in high rates of conversion among customers.
Celebrations: The company's business in this category is generated primarily from celebration and party-related activities. The company's products are available at many convenient locations, including mass retailers, party stores, and craft stores. The company closely monitors key market activity, including but not limited to, inflationary pressures, consumer debt/income ratios, and consumer spending levels.
Building Products segment
The company's Building Products business is a market-leading provider of pressurized containment solutions, providing critical components in essential end markets, such as heating, cooking, cooling, and water, and, through the company's unconsolidated joint ventures, WAVE and ClarkDietrich, ceiling suspension systems and light gauge metal framing products. The company's pressurized containment solutions include refrigerant and LPG cylinders, well water and expansion tanks, and other specialty products, which are generally sold to gas producers and distributors. Refrigerant gas cylinders are used to hold refrigerant gases for commercial, residential, and automotive air conditioning and refrigeration systems. LPG cylinders hold fuel for residential and light commercial heating systems, barbeque grills, and recreational vehicle equipment, industrial forklifts, and commercial/residential cooking (the latter, generally outside North America). Well water tanks and expansion tanks are used primarily in the residential market, with certain products also sold to commercial markets. Specialty products include a variety of fire suppression tanks, chemical tanks, and foam and adhesive tanks. With the acquisition of Elgen on June 18, 2025, the company expanded its portfolio to include HVAC parts and components, further strengthening its position across the end markets it serves.
The company maintains two unconsolidated joint ventures that complement the wholly-owned operations within its Building Products business:
WAVE, a 50%-owned joint venture with Armstrong World Industries, Inc. is the largest of the four North American manufacturers of ceiling suspension systems for concealed and lay-in panel ceilings used in commercial and residential ceiling markets. It competes with the other North American manufacturers and numerous regional manufacturers. WAVE operates seven manufacturing facilities, one each in Georgia, Michigan, and Nevada and two each in California and Maryland.
ClarkDietrich, a 25%-owned joint venture with CWBS-MISA is an industry leader in the manufacture and supply of light gauge steel framing products in the U.S. ClarkDietrich manufactures a full line of drywall studs and accessories, structural studs and joists, metal lath and accessories, shaft wall studs and track, vinyl and finishing products used primarily in residential and commercial construction. ClarkDietrich operates 15 manufacturing facilities, one each in Connecticut, Georgia, Illinois, Maryland, Missouri and Canada and two each in California, Florida, Ohio, and Texas.
Excluding WAVE and ClarkDietrich, the company’s Building Products segment operates 10 facilities, with three in Ohio, two in New Jersey, and one each in Kentucky, Maryland, Rhode Island, Norway and Portugal.
In the U.S. and Canada, the company’s manufactured building products are designed to comply with U.S. Department of Transportation and Transport Canada specifications. Outside the U.S. and Canada, cylinders are manufactured according to European specifications, as well as various other international standards. Other products are produced to applicable industry standards, including as applicable, those standards issued by the American Petroleum Institute, the American Society of Mechanical Engineers and UL Solutions.
Key End Markets
The major end markets in which the company’s building products business competes include the following:
Residential Construction: The company sells products for use in single and multi-family housing. Key statistics that indicate market opportunity include existing home sales (a key indicator for renovation opportunity), housing starts, housing completions, home prices, interest rates and consumer confidence.
Non-residential Construction: Opportunities in this end market come from new construction, as well as the renovation of existing buildings. The company closely monitors publicly available macroeconomic data and trends that provide insight into non-residential construction market activity, including but not limited to, GDP, office vacancy rates, the ABI, new commercial construction starts, state and local government spending, corporate profits and retail sales.
Repair and Remodel: The company’s business in this end market is generated primarily from repair and remodel projects on residential homes. The company has a broad range of product offerings that serve the need of customers, primarily through a variety of retailers. The company closely monitors key market activity, including but not limited to inflationary pressures, consumer debt/income ratios, and consumer spending levels.
Other Unconsolidated Joint Ventures
In addition to ClarkDietrich and WAVE, the company has two other unconsolidated joint ventures, both of which are reported within Other.
Sustainable Energy Solutions, a 49%-owned joint venture with Hexagon focused on high-pressure storage systems for industrial gasses, hydrogen and compressed natural gas infrastructure primarily in Europe. This joint venture operates three facilities, one each in Austria, Germany, and Poland.
Workhorse, a 20%-owned joint venture with an affiliate of Angeles Equity Partners, LLC, is a non-captive designer and manufacturer of high-quality, custom-engineered open and enclosed cabs and operator stations and custom fabrications and packaging for heavy mobile equipment used primarily in the agricultural, construction, forestry, military and mining industries. Workhorse operates three manufacturing facilities, one each in South Dakota, Tennessee and Minnesota.
Seasonality
Historically, sales tend to be stronger in the third and fourth quarters of the company’s fiscal year (year ended May 2025) for the company’s Consumer Products operating segment when the company’s facilities perform at seasonal peaks, matching consumer demand. Sales in the company’s Building Products operating segment are generally stronger in the first and fourth quarters of the company’s fiscal year due to weather conditions, customer business cycles, and the timing of renovation and new construction projects.
Environmental Matters
In addition to the requirements of the state and local governments of the communities in which the company operates, it must comply with federal health and safety regulations, the most significant of which are enforced by U.S. Occupational Safety and Health Administration (OSHA).
The company complies with and works to exceed all applicable worker safety regulations in the U.S. as governed by OSHA. The company’s U.S. facilities also hold certifications with various industry groups that require regular inspections, including the International Organization for Standardization. The company’s global sites meet or exceed all local regulations for worker safety and hold various accreditations, certifications and registrations that require regular inspections.
History
Worthington Enterprises, Inc. was founded in 1955. The company was incorporated in 1998. The company was formerly known as Worthington Industries, Inc.