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Subsequent Events
12 Months Ended
May 31, 2021
Subsequent Events [Abstract]  
Subsequent Events

Note W – Subsequent Events

On June 8, 2021, the Company acquired certain assets of the Shiloh Industries U.S. BlankLight® business, a provider of laser welded solutions, for approximately $105,000,000, subject to closing adjustments. The acquisition includes three facilities that will expand the capacity and capabilities of TWB’s laser welded products business and an additional blanking facility that will support the Company’s core steel processing operations

On June 9, 2021, the Company’s consolidated joint venture, WSP, sold the remaining assets of its Canton, Michigan., facility for approximately $20,000,000. The Company recognized a gain of approximately $12,000,000 in the first quarter of fiscal 2022 related to the divestiture. WSP continues to operate locations in Jackson and Taylor, Michigan.

On June 10, 2021, the Company announced that its Pressure Cylinders segment was being divided into three new reportable segments: Consumer Products, Building Products and Sustainable Energy Solutions, effective at the start of fiscal year 2022. The three new reportable segments are in addition to the Company’s Steel Processing segment.