Worthington Industries, Inc.'s new acquisition is expected to be 'modestly accretive in the first year'.
The Ohio based Worthington Industries, Inc. recently purchases the assets of Hy-Mark Cylinders, Inc.
Hy-Mark, a manufacturer of extruded aluminium cylinders for various applications, plans to relocate from Hampton, Virginia to the Worthington Cylinders' Mississippi manufacturing site. Hy-Mark accrued revenue of aproximately $10m during the pas 12 months. In an official press statement, Worthington Cylinders anticipated the acquisition to be 'modestly accretive in the first year'.
Worthington's Chairman and Chief Executive Officer, John P McConnell, commented, $quot;The acquisition is part of our ongoing strategy to continue to grow the pressure cylinder business by expanding some of the existing product lines and to obtain new ones.$quot;
Harry Goussetis, President of Worthington Cylinders, remarked, $quot;We are excited to add Hy-Mark's products to our current aluminium cylinder offering of medical cylinders, as we will expand our capabilities into markets that we sell into today including scuba, carbon dioxide and industrial.$quot;
Goussetis continued, $quot;We anticipate that manufacturing synergies will be created with existing assets and that the new products will help position these products for growth.$quot;