Worthington Industries’ Pressure Cylinders segment, which produces fuel storage solutions for the alternative fuel industry and other sectors, has signed an agreement to acquire a 75% stake in ARITAS, a major European supplier of LNG (liquefied natural gas) and cryogenic technology based in Istanbul, Turkey. The transaction is awaiting Turkish government approval, which is expected to be completed later this month.
For nearly a decade, ARITAS has been building and servicing the virtual LNG pipeline in Turkey via LNG transport trailers, LNG ISO containers, LNG bulk tanks and LNG satellite stations for re-gasification. ARITAS is also an emerging global leader in LNG fueling systems, including those for natural gas powered marine vessels.
“ARITAS’ experience and strong LNG product lineup fit our strategy to expand our footprint in energy products, as well as products for alternative fuels to power vehicles,” said Andrew Billman, President of the Pressure Cylinders business segment.