Worthington (WOR) Completes Acquisition of Palmer Mfg. & Tank
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Worthington Industries, Inc. (NYSE: WOR) announced today that its Pressure Cylinders segment has acquired Palmer Mfg. & Tank, Inc. business, 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. Palmer is located in Garden City, Kan., 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.
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