Worthington Industries said that its Pressure Cylinders segment has completed its acquisition of a 75 percent stake in Aritas Basincli Kaplar Sanayi A.S. (ARITAS), one of Europe’s leading LNG and cryogenic technology companies.
The remaining 25 percent stake was retained by the prior owners. Purchase price was approximately $36.6 million.
The new venture will be called Worthington-ARITAS. Andreas Lederer will lead the business as managing director. Lederer was previously vice president of strategy for Worthington’s Pressure Cylinders business segment.