Luxfer Holdings PLC (Luxfer Group), the global materials technology company serving the environmental, healthcare and protection markets, has entered into an arrangement agreement with Dynetek Industries Ltd. (Dynetek) to acquire all of the issued and outstanding common shares of Dynetek. The Dynetek board of directors, led by Executive Chairman Douglas Pigot, has unanimously recommended that Dynetek shareholders approve the transaction.
Luxfer Group is a manufacturer of high-pressure gas cylinders through its Luxfer Gas Cylinders division. Six manufacturing plants in the US, UK, France, China and a joint venture in India produce cylinders for a diverse range of applications, including containment of compressed natural gas (CNG).
Dynetek produces CNG cylinders and alternative fuel (AF) systems for buses and heavy-goods vehicles and is a global authority on portable hydrogen containment. The company operates manufacturing facilities in Canada and Germany. Dynetek’s 2011 sales revenue was just under USD 26 million.
Brian Purves, CEO of Luxfer Group, said: “The area of alternative fuel systems and transportation modules is one of the strongest growing sectors of the gas containment industry, and the acquisition of Dynetek’s intellectual property, strong brand in this area and manufacturing capacity, coupled with Luxfer’s expertise in large-scale production techniques and global distribution, will help Luxfer Group to maximise its presence in, and improve the economics of, this growing market.”
(This article compiled using information from a Luxfer Holdings PLC press release)