Worthington Industries Inc. has announced that its Cryogenics business in the pressure cylinders industry will purchase Taylor Wharton’s global CryoScience assets. This will include the purchase of a manufacturing facility in Theodore, Alabama, US. In addition to this, Worthington will acquire other Taylor Wharton-owned manufacturing assets and intellectual property associated with the cryogenic, industrial and LNG markets. The purchase, which is valued at a US$33.25 million, will follow the Chapter 11 bankruptcy proceedings of Taylor Wharton, and is expected to close around 7 December 2015.
Sean Murray, the General Manager of Worthington’s Cryogenic business, said: “This purchase extends our cryogenic capabilities into new, global end markets in life science and healthcare.
“Taylor Wharton began manufacturing its CryoScience product in 1957 and has developed a robust portfolio of quality products and a strong distribution network in the bioscience space, which we plan to grow. We are also excited about the US manufacturing platform the Alabama facility affords us as we grow in cryogenic industrial gas and LNG.”
Worthington will use the manufacturing assets in the Theodore-based facility to produce hydrogen, industrial gas and LNG transport trailers. These are currently being produced in its Boston facility. Worthington also claimed that the Theodore facility could see the production of industrial and LNG products, such as bulk, microbulk and engineered systems for gas and liquid applications, which it could then sell to markets, such as energy production, manufacturing, industrial fabrication and hydrogen distribution.
Edited from press release by David Rowlands
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/24112015/worthington-acquires-taylor-whartons-cryoscience-business-1667/