Worthington Industries, Inc. has announced that its Cryogenics business in the Pressure Cylinders segment is to purchase the assets of the global CryoScience business of Taylor-Wharton, including a manufacturing facility in Theodore, Alabama.
The asset purchase is being made pursuant to the Chapter 11 bankruptcy proceedings of Taylor-Wharton, for $33.25m, and is expected to close on or about 7th December (2015).
“This purchase extends our cryogenic capabilities into new, global end markets in life science and healthcare,” said Sean Murray, General Manager of Worthington’s Cryogenics business.
“Taylor Wharton began manufacturing its CryoScience product in 1957 and has developed a robust portfolio of quality products and a strong distribution network in the bioscience space, which we plan to grow. We are also excited about the US manufacturing platform the Alabama facility affords us as we grow in cryogenic industrial gas and LNG.”
The CryoScience product line includes cryogenic biologic specimen storage, dewars/shippers, controls and data management solutions for global biomedical research and development, healthcare, bio-banking, pharmaceutical, biotechnology and animal husbandry markets.
The business also distributes products through warehouses located in Germany and Australia.
Worthington plans to leverage the manufacturing assets of the Theodore facility to produce hydrogen, industrial gas and LNG cryogenic transport trailers that are currently being produced in its Boston facility (formerly James Russell Engineering), and eventually move all transport trailer production to Alabama.
In the future, this facility could also provide industrial and LNG products such as bulk, MicroBulk and engineered systems for gas and liquid applications in markets including energy production, industrial fabrication and manufacturing, and hydrogen distribution, the company explained.