Leading producers of CNG cylinders
Luxfer announces acquisition of Dynetek
Both companies have entered into an arrangement agreement, pursuant to which Luxfer Holdings PLC has agreed to, through its wholly-owned subsidiary Luxfer Canada Limited, acquire all of the issued and outstanding common shares of Dynetek for a cash consideration of $0.24 per share.
Dynetek’s board of directors, led by executive chairman Douglas Pigot, has unanimously determined that the arrangement is in the best interest of the company, and recommended that Dynetek’s shareholders approve the transaction.
"The area of alternative fuel systems and transportation modules is one of the strongest growing sectors of the gas containment industry, and the acquisition of Dynetek's intellectual property, strong brand in this area and manufacturing capacity, coupled with Luxfer's expertise in large-scale production techniques and global distribution, will help Luxfer Group to maximise its presence in, and improve the economics of, this growing market," said Brian Purves, CEO of Luxfer Group.
Luxfer has six manufacturing plants in the US, UK, France, China and a joint venture in India to produce cylinders for a diverse range of applications, including containment of compressed natural gas. Moreover, Dynetek designs and manufactures fuel storage and refueling systems for natural gas heavy vehicles, and operates facilities in Canada and Germany.
Source: Luxfer Holdings PLC