The acquisition was effective 1 January 2020.
The GP Strategies’ AFD focuses on the design, fabrication and maintenance of LNG, liquefied to compressed natural gas (LCNG), compressed natural gas (CNG) and hydrogen (H2) facilities.
According to the statement, AFD will operate as part of the Group’s Integrated Cryogenic Solutions unit (Solutions), and will be renamed ‘ICS’. The Solutions unit is one of five functional business units of the Group and operates independently from the Group’s product companies. Solutions provides innovative specialty engineering, centralised project management, procurement, manufacturing and maintenance, focusing on supplying complete solutions.
Peter Wagner, CEO of Cryogenic Industries and President of the Group, said: “We are excited for AFD to join our Nikkiso family. AFD will broaden our offering of complete solutions. We now have an individual functional unit that can provide a solution to the customer in addition to the units that deliver products. This acquisition exemplifies our passion to provide, efficient, performance based products and service.”
Mike Mackey, who will remain with ICS as a Senior Vice President, added: “The opportunity is exciting and we look forward to being part of Nikkiso. We will meet our customers demand for the best quality, reliability, and return on their investment.”
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/09012020/nikkiso-cryogenic-industries-group-acquires-gp-strategies-alternative-fuels-division/