Pressure Technologies, parent company of Chesterfield Special Cylinders (CSC), has agreed a strategic investment to acquire 40% of the common stock of GTM Manufacturing LLC, a manufacturer of high pressure vessels for gas transport solutions.
Under the terms of the investment the company is providing a $4m loan to GTM, of which $500,000 will – on 1st January 2014 – convert to a 40% stake in GTM’s common stock.
Pressure Technologies is understood to be funding the loan to GTM from its existing resources, and has also been granted an option to acquire a further 40% stake in GTM and will be providing a working capital loan facility to GTM.
Based in Amarillo, Texas, GTM was founded in 2008 is part of the Kelley Family of Companies in Texas (Kelley), a group that has led the specialty gas transportation industry in the US and globally for over 60 years. Following the Investment, GTM will be re-named Kelley GTM, LLC.
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