Worthington Industries To Buy Tank Manufacturing Division Of Steffes

(RTTNews) - Worthington Industries, Inc. (WOR) said Friday that it has reached an agreement to buy the tank manufacturing division of Steffes Corp.

Terms of the deal were not disclosed.

Steffes manufactures oilfield storage tanks for customers drilling in the Bakken shale and Williston Basin region out of a manufacturing facility located in Dickinson, North Dakota. The business generated $25 million in revenue in 2013.

Steffes started its tank division in 2007 and currently employs 35 employees at the facility. The steel tanks are primarily for oil and salt water storage and range in size from 100-500 bbl.

The addition of the North Dakota facility will complement Worthington's existing operations in Ohio and Kansas that manufacture steel and fiberglass storage tanks, gas separators, gas production units and related wellhead equipment for oil and gas exploration customers in the Marcellus, Utica, Bakken and Mid-Continent regions.