Cryogenic Industries is a group consisting of ACD, Cosmodyne and Cryoquip, and has over 40 years of experience in the engineering and manufacturing of cryogenic equipment. It is a major supplier to both the industrial gases and natural gas markets. Nikkiso claims that its aim is to offer both products and services that offer advanced original technology to focused market segments. Cryogenic Industries shares similar goals and aligns with the company’s global strategy.
Toshihiko Kai, the President and CEO of Nikkiso, said: “The acquisition will strengthen our global presence through Cryogenic Industries' strong position in North America. It will provide an excellent complementary fit for Nikkiso group’s global base for production, which will allow us to gain efficiency improvements and balance currency effects. As a joint group of companies, the setup will allow us to have customer focused centres around the globe that will be in position to support the entire range of Nikkiso group products.”
In the statement, the company claims that a significant part of the strategic growth plan – aside from diversification and innovation – is to benefit from the individual market positions of each group in Europe, India, China, Japan and the US.
Ross Brown, the Chairman and CEO of Cryogenic Industries, said: “We look forward to working with Nikkiso to continue enhancing and expanding our global cryogenic technology offerings and realise opportunities in an aligned global group.”
Nikkiso claims that each branded company will act as a distinct entity, each with its own targets and focus.
Naota Shikano, Senior Nikkiso Board Member responsible for the Industrial Business Segment, said: “Our future profitable growth is assured by positioning our company in technology driven markets and the markets of the future. By combining the NIKKISO Group with Cryogenic Industries companies and the resulting global network of dedicated people, we will extend our position in our existing and target markets and be in position to achieve growth above the market rate.”
Mizuho Securities Co. Ltd. served as financial advisors, whilst Cooley Godward LLP acted as legal advisors to Nikkiso.
RA Capital Advisors LLC and Network Corporate Finance GmbH & Co. KG, meanwhile, acted as financial advisors, and Squire Patton Boggs (US) LLP, and Fell, Marking, Abkin, Montgomery, Granet & Raney, LLP were legal advisors to Cryogenic Industries.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/01092017/nikkiso-acquires-cryogenic-industries/