Westerman, Inc.

Situation

Westerman, Inc. (“Westerman” or the “Company”), headquartered in Bremen, Ohio, is a leading manufacturer of highly technical products for global energy markets, including oil and gas and nuclear. The Company was founded in 1909, and is the largest and oldest supplier of wellhead equipment east of the Mississippi River.

The Company’s energy products are used for a broad variety of exploration, recovery and production purposes.

Westerman is also the world’s largest producer of enriched uranium hexafluoride (UF6) storage and transportation cylinders for the nuclear industry, and the only North American manufacturer.

The Company’s shareholders desired to pursue a sale transaction for estate planning purposes.

Solution

The Company engaged Amherst Partners (“Amherst”) to lead a process focused on maximizing shareholder value and identifying a buyer with the capital and managerial resources to invest in the many growth opportunities available to the Company.

Results

Amherst approached a select group of strategic and financial buyers and received multiple indications of interest at very competitive valuations. One of the potential buyers, Worthington Industries, Inc. (NYSE: WOR) (“Worthington”), decided to intervene with a pre-emptive offer. Worthington’s offer was successfully negotiated.

Worthington is a diversified metals manufacturing company with FY2012 sales of $2.5 billion. Worthington’s cylinder division is the leading global manufacturer of pressure cylinders.

The acquisition broadens Worthington’s product offering and market reach while maintaining its core competency of tank manufacturing for highly technical markets.

The transaction, which exceeded value expectations, provides the Company with the added resources to compete in the evolving international energy industry. Westerman executives will continue to grow the Company as integral members of the new management team.