Worthington Industries forms cylinder joint venture in India

February 9, 2011 By    

Worthington Cylinders will acquire a 60 percent interest in Nitin Cylinders Ltd. (NCL), which is located in Visakhapatnam, India, expanding Worthington’s presence in the alternative fuels cylinder market, Worthington Industries Inc. announced.

NCL is a subsidiary of Nitin Fire Protection Industries Ltd., a group company of the Nitin Group of Companies. NCL manufactures high pressure, seamless steel cylinders for compressed natural gas storage in motor vehicles. NCL also produces cylinders for compressed industrial gases. NCL’s annual sales are about $11 million.

“Our Nitin partnership will give us the opportunity to expand our global presence in the emerging market of India,” said Harry Goussetis, president of Worthington Cylinders. “This joint venture will also strengthen our product offering in the growing clean power storage market as alternative fuel use gains momentum internationally for economic and environmental reasons.”

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