Worthington Industries, Inc. has announced that is Pressure Cylinders sector has signed an agreement to acquire a 75% stake in ARITAS, one of Europe’s leading liquefied natural gas (LNG) and cryogenic technology companies. The transaction is awaiting approval from the Turkish government, which is expected to be completed by the end of January.
LNG products account for a majority of the company’s sales. For almost 10 years, ARITAS has been building and servicing the virtual LNG pipeline in Turkey via LNG transport trailers, LNG ISO containers, LNG bulk tanks and LNG satellite stations for regasification. ARITAS also supplies LNG fuelling systems, including those for natural gas powered marine vessels.
“We are very excited to add ARITAS’ LNG and cryogenics capabilities and reputation for quality. We believe they will dramatically increase our ability to grow our LNG and cryogenics businesses quickly and globally,” commented John McConnell, Chairman and CEO of Worthington Industries.
“ARITAS’ experience and strong LNG product lineup fit our strategy to expand our footprint in energy products, as well as products for alternative fuels to power vehicles,” added Andrew Billman, President of the Pressure Cylinders business sector. “ARITAS’ technology is easily adaptable to markets it is currently not servicing, including the Americas and Western Europe. Thoughtful integration with our global sales force will help us drive strong commercial synergies.”
ARITAS operates a 270 000 ft2 manufacturing facility in Istanbul and is planning to build a new facility approximately 125 miles away in Bandirma. This facility will provide a two to three times capacity increase with opportunity for future expansion and is located near a large Turkish port that serves a number of the world’s best shipping routes, enhancing the accessibility of target markets.
Adapted from press release by Katie Woodward
Read the article online at: https://www.lngindustry.com/lng-shipping/07012014/worthington_industries_acquires_lng_stake_12/