Sabah – US-based metals manufacturing company Worthington Industries has announced the acquisition of 75 percent of shares in the Turkish liquefied natural gas (LNG) and cryogenic technology company, ARITAS.
Specialized in LNG storage, transportation and re-gasification, Istanbul-based ARITAS’ product range includes bulk tanks, transport trailers and microbulk storage products.
“We are very excited to add ARITAS’ LNG and cryogenics capabilities and reputation for quality. We believe they will dramatically increase our ability to grow our LNG and cryogenics businesses quickly and globally,” said John McConnell, Chairman and CEO of Worthington Industries about the acquisition deal in the company’s press release. The financial details of the transaction have not been announced.
Employing 300 people, ARITAS has one manufacturing facility in Istanbul and plans to build a second much larger facility in nearby Bandirma in Balikesir province. The company’s sales volume in 2013 totaled USD 40 million.
With sales reaching USD 2.6 billion in 2013, Worthington Industries is active in 12 countries worldwide with 10,000 employees.