Worthington acquires Bakken oilfeild storage tank maker
Worthington manufactures steel and fiberglass storage tanks, gas separators, gas production units and wellhead equipment for oil and gas
COLUMBUS, Ohio—Worthington Industries, Inc. has agreed to acquire acquire the tank manufacturing division of Dickinson, N.D.-based Steffes Corp.
Steffes manufactures oilfield storage tanks for customers drilling in the Bakken shale and Williston Basin region. The business generated $25 million in revenue in 2013. Terms of the deal were not disclosed.
“This acquisition complements our strategy to grow the energy business by adding to our geographical reach, so we can serve customers in the east, central and now the important northwest region of the U.S.,” said Andrew Billman, President of the Worthington Industries cylinder business.
“The Bakken is one of the most oil rich areas in the country with significant drilling taking place. We anticipate adding capacity to the operations and strengthening our energy platform with this acquisition.”
Steffes started its tank division in 2007 and has 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.
Worthington Industries is a manufacturing company with 2013 fiscal year sales of $2.6 billion based in Columbus, Ohio. Worthington employs approximately 10,000 people and operates 82 facilities in 11 countries.