Sabah – Kuwait-based gas company Gulf Cryo has announced the acquisition of Turkish industrial gas producer, Deniz Gaz. A company specializing on the production and filling of helium, oxygen, nitrogen, argon and similar gases for medical and industrial applications, Deniz Gaz has facilities in Turkey's Denizli, Izmir and Ankara provinces.
Active in 14 countries throughout the Middle East, Gulf Cryo employs some 2,000 people in 14 countries. “Turkey is the largest market of industrial gases in the Middle East region”, according to Naji Skaf, CEO of Gulf Cryo. Skaf cited Turkey’s stable economy, strong industrial base and well-educated population as key factors in their investment decision and said that the Turkish industrial gases market was growing by double-digit figures year-on-year.
“This solid growth in the midst of a global downturn is very attractive for industrial gas companies looking for investment opportunities”, he noted. The financial details of the acquisition deal were not disclosed.