Worthington Enterprises Acquires Elgen Manufacturing For About $93 Mln

(RTTNews) - Worthington Enterprises (WOR) on Thursday announced its acquisition of Elgen Manufacturing (Elgen) of Closter, New Jersey.

Worthington Enterprises acquired Elgen Manufacturing for approximately $93 million, funded with cash on hand. For the trailing 12 months ended April 30, 2025, Elgen generated net sales of $114.9 million and EBITDA of $13.3 million.

Elgen is a designer and manufacturer of HVAC parts and components, ductwork and structural framing primarily used in commercial buildings throughout North America.

Joe Hayek, president and chief executive officer, Worthington Enterprises, said, "The addition of Elgen aligns closely with our strategy to build and acquire businesses with leadership positions in niche markets. Elgen's manufacturing processes, go-to-market strategies and end markets mirror ours, creating meaningful opportunities for synergies and growth. We are excited to welcome the Elgen team to Worthington Enterprises and look forward to growing together as their 250 employees become part of our people-first, performance-based culture."

Elgen will become part of the Building Products segment at Worthington Enterprises that includes a portfolio of critical building systems and components for heating, cooling, construction and water applications, as well as architectural and acoustical grid ceilings and metal framing and accessories.

Young and other members of the Elgen leadership team will remain with the business and maintain similar roles and responsibilities.