Worthington acquires Elgen Manufacturing for $93M in cash

Worthington (WOR) Enterprises announced its acquisition of Elgen Manufacturing of Closter, New Jersey. Elgen is a designer and manufacturer of HVAC parts and components, ductwork and structural framing primarily used in commercial buildings throughout North America. “Recurring demand for maintenance, repair and remodel of existing HVAC installations is a key driver of volume and customer spend in these markets,” Worthington said. Worthington acquired Elgen Manufacturing for approximately $93M funded with cash on hand. For the trailing 12 months ended April 30, 2025, Elgen generated net sales of $114.9M and EBITDA of $13.3M.