Luxfer Group acquires Vexxel Composites
24 March 2014
BRIGHAM CITY, Utah--(BUSINESS WIRE)--Luxfer Group (NYSE:LXFR) announced that it has acquired Vexxel Composites, LLC, a manufacturer of high-pressure composite cylinders for containment of compressed natural gas (CNG). The company will operate as part of the Group’s global Luxfer Gas Cylinders Division.
Founded in 2012, Vexxel specializes in Type 4 (polymer-lined) carbon composite cylinders for use as fuel tanks for CNG-powered alternative fuel (AF) vehicles.
Luxfer Group Chief Executive Brian Purves said: "This acquisition provides our gas cylinder business with a facility purpose-built for the manufacture of new Type 4 composite cylinder products, which will be targeted primarily at the class 8 heavy-duty truck market, where a high rate of conversion from diesel to CNG is widely anticipated. Luxfer is in final stages of developing a new range of larger-diameter Type 4 cylinders for growing CNG markets to complement its existing lightweight range of Type 3 aluminum-lined cylinder products and systems."
Andy Butcher, President of Luxfer Gas Cylinders, North America, added: “Vexxel’s proven engineering and technological capabilities are highly complementary to Luxfer, especially their expertise in manufacturing Type 4 cylinders for CNG. Acquiring the business adds another 4,000 units per year to Luxfer’s CNG production capacity, and we will benefit from their highly trained workforce and integrated facilities. Most importantly, we are now well positioned to launch our premium Type 4 design, which will be the lightest in weight and also extremely tough and durable."
Wayne Clark, President of Vexxel, said: “We are excited to be joining the Luxfer global family, with its proven track record as a high-quality cylinder manufacturer and its comprehensive sales and distribution network. Investment for equipment and working capital will fuel our growth, and the future looks bright. As part of Luxfer, our business will now operate under the name Luxfer Utah.”
About Luxfer Group and Luxfer Gas Cylinders
Luxfer Group is a global materials technology company specializing in the design and manufacture of high-performance materials, components and gas cylinders for environmental, healthcare, protection and specialty end-markets. Luxfer customers include both end-users of its products and manufacturers that incorporate Luxfer products into finished goods.
For more information, visit www.luxfer.com.
Luxfer Gas Cylinders, the world’s largest manufacturer of composite and aluminum cylinders for high-pressure gas storage, operates manufacturing facilities in England, the USA, France, Germany, Canada and China. For more information, visit www.luxfercylinders.com.
Contact: Luxfer Group