Worthington Industries Inc., an Ohio-based diversified manufacturing company, is acquiring Palmer Manufacturing and Tank Inc. to enhance its pressure cylinders business unit.
Palmer, which was formed in Kansas in 1971, specializes in the fabrication of steel and fiberglass tanks and processing equipment for the oil and gas industry, as well as custom fiberglass tanks. The acquisition will enhance Worthington's capabilities to serve the growing alternative fuel vehicle industry with products for compressed natural gas (CNG), liquefied natural gas (LNG), propane autogas and hydrogen storage.
‘The Palmer business strengthens our energy position and fits our strategy to geographically expand in the oil and gas industry,’ explains Andrew Billman, president of Worthington's pressure cylinders segment. ‘When combined with our alternative fuel cylinder business and our entry into the cryogenics arena, we are broadening our energy product offerings.’
Worthington Industries currently employs 10,000 people and operates 83 facilities in 11 countries.