Everest Kanto buys out US company Reunion Industries
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