Nikkiso Company has announced it has entered into an agreement to acquire the business and trademarks of Cryogenic Industries, Inc. of Temecula, CA, USA and Cryogenic Industries, AG of Basel, Switzerland consisting of all its operations, which are conducted by ACD, Cosmodyne, Cryoquip; and their respective subsidiaries. The acquisition is expected to close mid-2017, subject to regulatory approvals.
“Cryogenic Industries’ culture of industry-leading innovation in cryogenic equipment, services and plants is highly complementary to the core fluid control technology on which our company was founded. Their suite of products and technology significantly expands our product and service offerings for our cryogenics customers globally. We look forward to welcoming the Cryogenic Industries’ management and employees into the Nikkiso family of companies,” said Toshihiko Kai, President and Chief Executive Officer.
Cryogenic Industries aligns with Nikkiso’s philosophy of operating each of their product companies as a distinct entity, while utilizing the synergy of service capabilities and logistics across all product groups. The acquisition brings ACD (machinery), Cosmodyne (plants) and Cryoquip (process equipment) into the Nikkiso family. Equally important, Cryogenic Industries adds additional service centers to Nikkiso's global service network, offering support and expertise around the world.
“I am delighted by the opportunities that are ahead for our combined companies,” stated Ross Brown, Chairman and Chief Executive Officer of Cryogenic Industries. “We bring a very focused, deep expertise in cryogenic technologies that has always pursued technology innovation to solve challenges faced by our customers. We want to assure both our customer and vendor population that Cryogenic Industries will continue to operate as an independent business unit, bringing the same highly engineered solutions and extensive service to their worldwide clients as they have been known for in the past. We are happy to combine with Nikkiso and continue our joint quest to serve the cryogenic markets.”
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/25042017/nikkiso-announces-agreement-to-acquire-the-business-of-cryogenic-industries-inc/