Luxfer Group Limited
Luxfer Group to Acquire Dynetek
24 July 2012
LUXFER HOLDINGS PLC, the global materials technology company serving the environmental, healthcare and protection markets, today announced that it had offered to acquire all of the ordinary shares of Dynetek Industries Limited (“Dynetek”) and that the Dynetek board of directors, led by Chairman Douglas Pigot, had agreed to recommend Luxfer’s offer to its shareholders.
Luxfer is the world’s leading manufacturer of high-pressure gas cylinders. Six manufacturing plants in the US, UK, France, China and a joint venture in India produce cylinders for a diverse range of applications.
Dynetek has a leading position in compressed natural gas (CNG) cylinders and alternative fuel (AF) systems for buses and heavy-goods vehicles and is a global authority on portable hydrogen containment. The company operates manufacturing facilities in Canada and Germany. Dynetek’s 2011 sales revenue was C$26 million (£16 million).
Brian Purves, CEO of Luxfer Group, said: “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.”
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