The steel producer targets $150M in EBITDA synergies after acquiring a 62% stake in Kloeckner & Company.
Worthington Steel announced plans to achieve $150M in EBITDA synergies following its acquisition of a 62% stake in Kloeckner & Company. The deal, completed June 3, marks the company’s largest acquisition to date.
Management also outlined a goal to cut debt by half over the next two years. The transaction positions Worthington as the majority shareholder in Kloeckner, a key player in steel distribution.
No immediate market reaction was disclosed in the earnings call summary.