The Tyczka Group has repurchased a 43% stake in Tyczka Air Austria GmbH, which had previously been held by the Kuwaiti Gulf Cryo. This will make the Tyczka Group the sole shareholder of the company.
Tyczka Air Austria is a producer and supplier of technical gases. The company supplies customers in the food industry, metal processing, electrical engineering, chemicals and other industries in Austria and Germany with high-purity air gases from the air separation plant in Braunau am inn Austria.
Gulf Cryo purchased shares of Tyczka Air Austria in 2014 with the intent of enhancing the company’s growth in the liquid air gases market in Austria and Germany. Subsequently, Gulf Cryo’s footprint expanded to 13 countries.
With the reclamation of these shares of the co-shareholder Gulf Cryo, the Tyczka Group continues to pursue its expansion course and takes another important step towards the independence of the group of companies.
Amer Huneidi, Gulf Cryo’s Chairman, commented, “We are proud to have been involved in the development of TAA not only through our shareholding but also providing Technical and Operational support which will continue after our exit and wish them continuing success as a business now solely owned by the Tyczka Group.”
Gulf Cryo’s CEO Mike Huggon added, “This sale is part of Gulf Cryo’s clear strategy of concentrating on our core geographies of the Middle East, including Egypt and Turkey. It is within these markets that we can genuinely differentiate ourselves as the only local company with a full service offering and world class Safety and Operational standards.”
Tyczka is one of the market leaders nationwide in the distribution of LPG in bottles and the supply in the tank. In addition, there is a Europe-wide trading business with LPG. Since 1983, the Tyczka Group has been marketing technical and medical gases as well as refrigerants in bottles and small tanks to customers in Germany. With the construction of an air separation plant in 2014, the Tyczka Group re-entered the production of industrial gases.