Worthington Industries, Inc. has announced that its Cryogenics business in the Pressure Cylinders segment is to purchase the assets of the global CryoScience business of Taylor-Wharton, including a manufacturing facility in Theodore, Alabama.
Worthington will also acquire certain other intellectual property and manufacturing assets of Taylor-Wharton focused on the cryogenic industrial and LNG markets.
The asset purchase is being made pursuant to the Chapter 11 bankruptcy proceedings of Taylor-Wharton, for $33.25m, and is expected to close on or about 7th December (2015).
“This purchase extends our cryogenic capabilities into new, global end markets in life science and healthcare,” said Sean Murray, General Manager of Worthington’s Cryogenics business.
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