Worthington Industries acquires pressure cylinder manufacturer

Worthington Industries acquired Amtrol, a manufacturer of pressure cylinders and water system tanks, for about $283 million, according to Worthington.

Amtrol designs and manufactures pre-pressurized well tanks, refrigerant gas cylinders, indirect hot water makers, pre-pressurized thermal expansion tanks and composite metal LP gas tanks. The company features manufacturing facilities in Kentucky, Maryland, Rhode Island and Portugal. The acquisition combines two U.S. and European LP gas businesses, and it adds water and well tank production lines to Worthington’s wholesale and retail consumer products portfolio, Worthington says.

“Amtrol is a great addition to our company and I am pleased to welcome Amtrol employees,” says John McConnell, chairman and CEO of Worthington Industries. “This acquisition aligns well with our core competencies in pressure cylinders and expands our product offerings to our wholesale and retail customers.”

Overall, Amtrol featured about $248 million in net sales in 2016, Worthington reports. In addition, Amtrol-Alfa serves as an LP gas and industrial gas cylinder producer in Portugal. Its products are sold to numerous LP gas marketers and wholesalers throughout Europe and the Middle East, Worthington adds.