Dietrich’s Canadian Assets Sold, Distribution & Licensing Agreements Established
Worthington Industries, Inc. (NYSE:WOR) announced today that its metal framing business has formed a strategic alliance with Bailey Metal Products Limited that includes the sale of its Dietrich Canada subsidiary to Bailey. The agreement, effective immediately, between the companies names Bailey the exclusive distributor of Dietrich’s proprietary and vinyl products in Canada. Bailey will license its paper faced metal corner bead product to Dietrich to manufacture and sell in most of the United States.
“The alliance with Bailey will allow us to focus our sales efforts on the U.S. market while broadening our product reach in Canada,” said John Roberts, president of Dietrich Metal Framing. “We look forward to utilizing our existing facilities and distribution channels to benefit both companies.”
Angelo Sarracini, president of Bailey Metal Products Limited stated, “We believe this exciting alliance between Bailey and Dietrich will translate into improved customer value and enhance the development of metal framing in North American construction markets.”
The sale of Dietrich Canada includes two manufacturing facilities located in Burnaby, British Columbia and Mississauga, Ontario and two sales and distribution centers located in LaSalle, Quebec and Edmonton, Alberta, employing 61 people in total.
The distribution agreement gives Bailey exclusive distribution in Canada of Dietrich’s proprietary products including all clips, slotted track, TradeReady and vinyl products, including stucco & plaster, drywall veneer and EIFS & DEFS accessories. Dietrich will hold the license to manufacture and sell Bailey’s paper faced metal corner bead product line in most of the United States.