Worthington Industries has acquired Amtrol, a leading manufacturer of pressure cylinders.
The takeover will strengthen Worthington’s industrial gas and consumer products businesses and also complements the company’s refrigerant cylinder manufacturing capabilities.
Both companies’ manufacturing operations share similarities and significant overlaps in distribution channels.
As John McConnel, Chairman and CEO of Worthington, explained, “This acquisition aligns well with our core competencies in pressure cylinders and expands our product offerings to our wholesale and retail customers. Amtrol will also expand and enhance our growing culture of innovation and the development of new products.”
Amtrol-Alfa is a leading industrial gas cylinder producer via its manufacturing operations in Portugal. It exports cylinders to marketers and wholesalers throughout Europe and the Middle East.
The purchase price was approximately $283m.
Geoff Gilmore, President of Worthington’s Pressure Cylinders business, highlighted, “Amtrol products have great brand recognition and the business complements ours nicely. We are combining two powerful businesses with robust customer-focused offerings.”
“Acquiring Amtrol also allows us to immediately expand our footprint internationally as Amtrol-Alfa is a leading cylinder manufacturer in the European market.”