Worthington Industries has announced that its Pressure Cylinders segment has signed an agreement to acquire a 75% stake in ARITAS, one of Europe’s leading LNG and cryogenic technology companies.
Located in Istanbul, Turkey, ARITAS employs nearly 300 people and generated sales of approximately $40m for its fiscal year ending Dec. 31, 2013. The transaction is awaiting Turkish government approval, which is expected to be completed later this month. ARITAS’ LNG products account for a majority of sales. For nearly a decade, ARITAS has been building and servicing the virtual LNG pipeline in Turkey via LNG transport trailers, LNG ISO containers, LNG bulk tanks and LNG satellite stations for re-gasification.
ARITAS is also an emerging global leader in LNG fueling systems, including those for natural gas powered marine vessels. ARITAS’ product portfolio includes an array of industrial gas products including engineered tanks holding up to 500,000 litres transport trailers, bulk tanks and microbulk storage, which will be complemented by Worthington’s home grown liquid cylinder offering.
“We are very excited to add ARITAS’ LNG and cryogenics capabilities and reputation for quality. We believe they will dramatically increase our ability to grow our LNG and cryogenics businesses quickly and globally,” said John McConnell, Chairman and CEO of Worthington Industries.
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