Worthington Industries Inc. of Columbus, Ohio, has sold the last of its custom plastics businesses.
Worthington Custom Plastics, which consists of three automotive molding plants in Ohio with total sales of about $200 million, now is in the hands of Key Equity Capital Corp., an affiliate of banking firm Key Corp. of Cleveland. Terms were not released.
The sale of the plastics plants is not a surprise.
Worthington Industries has been shopping its plastics business around for about a year. The publicly traded company has stated it wants to concentrate on its metals business.
``We appreciate the efforts of the employees of Worthington Custom Plastics and wish them well with their new management group,'' John P. McConnell, chairman and chief executive officer of Worthington Industries, said in a news release.
In March, Worthington sold its three nonautomotive plastics plants to Morton Industrial Group Inc. In November, Worthington sold its 60 percent interest in London Industries Inc. to its joint venture partner, Nissen Chemitec Corp. of Niihama, Japan.
Plastics News recently ranked Worthington Custom Plastics as the 23rd largest injection molder in North America, with an estimated $200 million in sales.
Worthington's plastics operations are in Upper Sandusky, Mason and Salem, Ohio. Salem will become Worthington Custom Plastics' new headquarters.