Worthington Industries said that its Cryogenics business is buying the assets of the global CryoScience business of Taylor Wharton, including a manufacturing facility in Theodore, Alabama.
Worthington will also acquire certain other intellectual property and manufacturing assets of Taylor Wharton focused on the cryogenic industrial and LNG markets, a statement issued on Monday reads.
The asset purchase of Taylor Wharton is valued at $33.25 million and is expected to close on or about December 7.
Worthington said that, at the acquired facility, it plans to produce hydrogen, industrial gas and LNG cryogenic transport trailers as well as the industrial and LNG products for gas and liquid applications.
LNG World News Staff; Image: Worthington Industries