Worthington Industries Spin-Off Worthington Steel To Be Added To S&P SmallCap 600 Effective Prior To Open Of Trading On December 1, Replacing Sleep Number
Portfolio Pulse from Benzinga Newsdesk
Worthington Industries Inc. (NYSE:WOR) is spinning off Worthington Steel, which will be added to the S&P SmallCap 600 on December 1, replacing Sleep Number. After the spin-off, Worthington Industries will remain in the index under the new name Worthington Enterprises Inc.
November 28, 2023 | 10:21 pm
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Worthington Industries is spinning off Worthington Steel, which will join the S&P SmallCap 600, while WOR will remain in the index as Worthington Enterprises Inc.
The spin-off of Worthington Steel and its addition to the S&P SmallCap 600 could be viewed positively by investors, as index inclusion often leads to increased demand for a stock from index funds and investors. The renaming of Worthington Industries to Worthington Enterprises Inc. indicates a strategic shift that may also be well-received.
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