Worthington Industries, Inc. has announced this month that it has purchased the assets related to the business of Piper Metal Forming Corporation, Respiratory, Inc. and Pacific Cylinders, Inc.
The acquisition further strengthens the operations and footprint of Worthington’s Pressure Cylinders business sector, while also further opening the door to participation in the medical market in the US.
Piper is a leading manufacturer of aluminum high pressure cylinders, and impact extruded steel and aluminum parts, serving the medical, automotive, defense, oil services and other commercial markets, with one manufacturing location in New Albany.
Respiratory meanwhile, provides value-added assembly and distribution of Piper’s medical cylinder products. Pacific Cylinders provides West Coast distribution from Diamond Springs, California.
“This transaction represents a natural extension of our focus on growing our highly successful pressure cylinder business,” said Worthington’s Chairman and CEO, John P. McConnell.
Harry Goussetis, President of Worthington Cylinders, added enthusiastically, “The products and markets served by Piper complement our presence in the cylinder market. While we currently manufacture a broad range of cylinders, the new aluminum products increase our line of industrial gas product offerings and present an opportunity to participate in the growing medical market.”
The revenues of the acquired group totalled approximately $30m for the last calendar year, while the transaction is expected to close within thirty days subject to normal closing conditions.
Worthington Cylinders is the world’s leading global supplier of pressure cylinders, continually delivering solutions to its customers while exceeding their expectations in quality, service and value.