Worthington Enterprises Acquires Elgen Manufacturing to Enhance Building Systems Portfolio

Worthington Enterprises, a designer and manufacturer of market-leading brands, has acquired Elgen Manufacturing, a company specializing in HVAC parts and components. This acquisition is part of Worthington Enterprises' strategy to expand its Building Products segment and enhance its portfolio of HVAC infrastructure solutions. Joe Hayek, Worthington's CEO, emphasized the synergy in manufacturing processes and end markets between the two companies. The acquisition, valued at approximately $93 million, enables Worthington to leverage Elgen's sales strategy and expand its reach in niche markets. Jimmy Bowes, President of Worthington's Building Products, highlighted Elgen's contribution to creating recurring revenue opportunities through maintenance and remodel demands. The leadership team of Elgen, including CEO David Young, will remain in place to continue their roles. Elgen's employees will join Worthington's performance-based culture, enhancing value creation for Elgen's customers. Worthington Enterprises sees this acquisition as a step toward realizing synergies and operational efficiencies, contributing to its growth trajectory by capitalizing on shared expertise and expanded resources.