USA: Worthington Industries is looking to expand its refrigerant cylinder business in Europe following the acquisition of fellow US manufacturer Amtrol for $283m.
Steel processor Worthington sees the Amtrol acquisition strengthening its industrial gas and consumer products businesses, as well as complementing its refrigerant cylinder manufacturing capabilities. The acquisition combines two leaders in the US and European LP gas business, and also adds water and well tank product lines to Worthington’s wholesale and retail consumer products portfolio.
Founded in 1946, Amtrol achieved sales of $248m in 2016. Its operations in Rhode Island, Maryland and Kentucky produce refrigerant gas cylinders and ASME products for commercial and industrial applications. It also has a subsidiary company in Portugal – Amtrol Alfa – producing refrigerant and heating cylinders for the European market.
The acquisition is also seen as a way of expanding its international sales. “Acquiring Amtrol also allows us to immediately expand our footprint internationally as Amtrol-Alfa is a leading cylinder manufacturer in the European market,” said Geoff Gilmore, president of Worthington’s Pressure Cylinders business.