Worthington Industries Inc. has announced the signing of a purchase agreement to acquire certain cylinder production assets of Wolfedale Engineering, the largest Canadian manufacturer of portable propane gas steel cylinders.
The acquired assets will be included in Worthington's Pressure Cylinders business segment, with the annual revenues related to the acquired assets approximately $12m.
$quot;We are extremely pleased to expand our Canadian market presence through this transaction. Wolfedale is a quality manufacturer that has served the Canadian market well for many years. We look forward to providing a seamless transition to its customers,$quot; said Harry Goussetis, president of Worthington Cylinders.
Worthington Cylinders is one of the world's leading suppliers of pressure cylinders, including LPG, refrigerant and industrial gas cylinders, operating 7 facilities in 5 countries.
The transaction is expected to close on or around 31st August 2007, subject to normal closing conditions.