$33.25 Acquisition Includes Factory in Theodore, Alabama
Worthington Industries said Monday that it is purchasing the global CryoScience business of Taylor-Wharton, as well as a manufacturing facility in Theodore, Ala. for liquefied natural gas containers.
“This purchase extends our cryogenic capabilities into new, global end markets in life science and healthcare,” Sean Murray, general manager of Worthington’s Cryogenics business, says in the acquisition announcement.
“Taylor Wharton began manufacturing its CryoScience product in 1957 and has developed a robust portfolio of quality products and a strong distribution network in the bioscience space, which we plan to grow,” Murray said.
Cryogenic LNG Transport Trailers
“We are also excited about the U.S. manufacturing platform the Alabama facility affords us as we grow in cryogenic industrial gas and LNG.”
Worthington said it plans to leverage the Theodore facility to produce hydrogen, industrial gas and the cryogenic LNG transport trailers it currently manufactures in its Boston facility (formerly James Russell Engineering) – “and eventually move all transport trailer production to Alabama.
Pursuant to Chapter 11
“In the future,” states the acquisition announcement, “this facility could also provide industrial and LNG products such as bulk, microbulk and engineered systems for gas and liquid applications in markets including energy production, industrial fabrication and manufacturing, and hydrogen distribution.
“The asset purchase is being made pursuant to the Chapter 11 bankruptcy proceedings of Taylor-Wharton for $33.25 million,” Worthington says.
The transaction is expected to close on or about December 7.
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Source: Worthington Industries with Fleets & Fuels follow-up