The pressure cylinders business segment of Worthington Industries Inc. is acquiring a 75% stake in ARITAS, a liquefied natural gas (LNG) and cryogenic technology company focused on LNG products and cryogenic vessels, systems and services.
Based in Istanbul, ARITAS employs nearly 300 people and generated sales of approximately $40 million for its fiscal year ending Dec. 31, 2013. The transaction is awaiting Turkish government approval, which is expected to be completed later this month.
ARITAS has been concentrating on building and servicing Turkey's ‘virtual LNG pipeline’ through its LNG transport trailers, LNG ISO containers, LNG bulk tanks and LNG satellite stations for regasification. ARITAS has also been working on LNG fueling systems, including those for natural-gas-powered marine vessels.
‘We believe [ARITAS] will dramatically increase our ability to grow our LNG and cryogenics businesses quickly and globally,’ says John McConnell, chairman and CEO of Worthington Industries.
‘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,’ adds Andrew Billman, president of Worthington's pressure cylinders business segment.
ARITAS has a manufacturing facility in Istanbul and is building a new plant in Bandirma that will at least double the company's manufacturing capacity.