Everest Kanto completes US firm acquisition for $66.3 mn
Everest Kanto Cylinder, manufacturer of industrial and CNG cylinders on Monday said it has completed acquisition of US-based CP Industries for $66.3 million.
By PTI |
MUMBAI: Everest Kanto Cylinder, manufacturer of industrial and CNG cylinders on Monday said it has completed acquisition of US-based CP Industries for $66.3 million.
In March, the company had signed an asset purchase agreement with the US-based Reunion Industries to buy all of the assets and liabilities of its pressure vessels division, CP Industries.
"This acquisition will enable EKC to capitalise the robust global demand for specialty and CNG gas storage systems across various countries," Everest Kanto Chairman and Managing Director Prem Khurana had said.
CP Industries, located in Pittsburgh, US, manufactures and sells large seamless pressure vessels for the containment and transportation of pressurised gases. Reunion Industries' principal activities are to own and operate industrial manufacturing operations that design and manufacture engineered products for specific customer requirements.
Shares of the company closed at Rs 302.05, up 2.32 per cent on the BSE.
In March, the company had signed an asset purchase agreement with the US-based Reunion Industries to buy all of the assets and liabilities of its pressure vessels division, CP Industries.
"This acquisition will enable EKC to capitalise the robust global demand for specialty and CNG gas storage systems across various countries," Everest Kanto Chairman and Managing Director Prem Khurana had said.
CP Industries, located in Pittsburgh, US, manufactures and sells large seamless pressure vessels for the containment and transportation of pressurised gases. Reunion Industries' principal activities are to own and operate industrial manufacturing operations that design and manufacture engineered products for specific customer requirements.
Shares of the company closed at Rs 302.05, up 2.32 per cent on the BSE.
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