Jun 22 2010
Worthington Industries, Inc. (NYSE:WOR) announced today that it has purchased the assets of Hy-Mark Cylinders, Inc.
Hy-Mark is a leading manufacturer of extruded aluminum cylinders for medical oxygen, scuba, beverage service, industrial, specialty and professional racing applications. Hy-Mark, based in Hampton, Virginia, generated revenue of approximately $10 million during the most recent 12 months. The assets will be relocated to the Worthington Cylinders Mississippi manufacturing location complementing the medical cylinder lines, and adding a range of beverage grade, industrial cylinders and aluminum scuba tanks. The acquisition is expected to be modestly accretive in the first year.
“The acquisition is part of our ongoing strategy to continue to grow the pressure cylinder business by expanding some of the existing product lines and to also obtain new ones,” said Worthington’s Chairman and Chief Executive Officer, John P. McConnell.
“We’re excited to add Hy-Mark’s products to our current aluminum cylinder offering of medical cylinders, as well expand our capabilities into markets that we sell into today including scuba, carbon dioxide and industrial,” added Harry Goussetis, President of Worthington Cylinders. “We anticipate that manufacturing synergies will be created with existing assets and that the new products will help position these products for growth.”
Source: http://www.WorthingtonIndustries.com/