Everest Kanto buys US company asset for $64.25

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New Delhi, Mar 4 (UNI) Everest Kanto Cylinder Ltd today said it has entered into an asset purchase agreement with US-based Reunion Industries Inc to buy all of the assets and liabilities of its pressure vessels division, CP Industries for cash consideration of 64.25 million dollars.

The assets shall be acquired by one of the subsidiary of EKC, the company said in a statement.

CP Industries, located in McKeesport, Pittsburgh, US , manufactures and sells large seamless pressure vessels for the containment and transportation of pressurised gases and is a global leader in this business.

After consummating this transaction, the company intends to operate and grow this business at its present facility.

''This acquisition will enable EKC to capitalise the robust global demand for specialty and CNG gas storage systems across various countries,'' company's CMD Prem Khurana said.

UNI AK BJR DS1407

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