Cryogenic Industries Holdings, Inc. has been acquired in a 100% takeover by Nikkiso Co., Ltd.
Nikkiso’s Board of Directors concluded a share purchase agreement on 20th April, which sees the Tokyo-based corporation acquire 100% of Cryogenic Industries’ shares.
The acquisition, which will be executed through Nikkiso International Co., Ltd, is worth roughly $440m. The deal is expected to be complete by August 2017.
Cryogenic Industries houses ACD LLC, Cosmodyne LLC, Cryoquip LLC and Cryogenic Industries AG (CIS). Collectively, the group is one of the world’s leading players for a wide range of products and services for liquefaction and separation plants for air gases and small-scale liquefied natural gas (LNG) liquefaction plants.
Under the deal, Nikkiso will acquire all four companies and their 18 respective subsidiaries. Combined, the group turned over $156m in consolidated revenue in 2016 and owns $144m in net assets.
Japan’s Nikkiso group, incorporating LEWA GmbH and Geveke B.V., is a chief manufacturer of products and services for fields from the development of crude oil and natural gas, the transportation of LNG and petroleum refinery.
The parties’ core common technologies are centrifugal and reciprocating pumps, with the takeover expected to enhance Nikkiso’s vaporisation and liquefaction business.
A press release said that the combination of companies will create business synergy effects to improve products, services and networks. It is also expected to expand Nikkiso’s business into industrial gas and clean fuel markets.
Cryogenic Industries will continue to operate from California, US.