Mumbai, Mar 4 (UNI) Everest Kanto Cylinder (EKC), a leading manufacturer of high pressure cylinders, today announced that an Asset Purchase Agreement has been signed with US-based Reunion Industries to buy all of the assets and liabilities of its pressure vessels division, CP Industries, for cash consideration of USD 64.25 million, subject to adjustment and further subject to bankruptcy court proceedings and other regulatory approvals.
The assets shall be acquired by a subsidiary of EKC. CP Industries manufactures large seamless pressure vessels for the containment and transportation of pressurised gases and is a global leader in this business.
After consummating this transaction, EKC intends to operate and grow this business at its present facility.
Everest Kanto CMD Prem Khurana commenting on the acquisiton said, ''This acquisition will enable EKC to capitalise the robust global demand for specialty and CNG gas storage systems across various countries.'' UNI VK MAZ VKG1800