INOX India Limited, India’s largest cryogenic engineering company, has acquired majority interest in Cryogenic Vessel Alternatives (CVA), the world’s largest manufacturer of cryogenic transportation equipment.
Together, the entity will become the second largest company, offering cryogenic storage, transportation and distribution products for the global market.
INOX India is a leading global player, with product offerings spanning the entire cryogenic value chain, including storage, transportation and distribution.
Its market presence extends across nearly 100 countries and its wide product range is used in various industries such as industrial gases, LNG Distribution, CryoBio medical and scientific research in space, nuclear and superconductivity.
Cryogenic Vessel Alternatives, with revenues of approximately US $60m last year, has comprehensive manufacturing and repair facilities for cryogenic transportation equipment at Mont Belvieu, Texas, US, with a presence across Canada, China and Turkey.
While INOX India leads the market in stationary storage tanks, CVA is a specialist in large cryogenic transport tanks and mobile oil/gas field pumping units.
This complementary market leadership, know-how and product range between the two companies is expected to strengthen their current positions around the world.
Both INOX and CVA will continue to offer their customers high quality products and services, while enhancing their current product offerings globally.
It is anticipated that the synergies of both these companies and the reinforced depth of talent and expertise will create an unmatched technical knowledge pool and provide a strong platform for sustainable growth and ongoing success.
Chris Carr, Hector Villarreal and Dean Corbin, erstwhile owners of CVA, will continue to play leadership roles and leverage the significant geographical market and product synergies resulting from this new partnership.
Speaking at the occasion Mr. Parag P. Kulkarni, Director and CEO of INOX India said, “The completion of this acquisition by INOX India is a major step forward in our global strategy and represents an exciting future for both businesses.”
Mr. Chris Carr, CEO of CVA commented, “Together we are a balanced company, strategically well placed to compete at the leading edge of a rapidly growing cryogenic industry.”