December 02, 2008

Everest Kanto acquires 100% stakes in CP Industries Inc

Everest Kanto Cylinder Limited recently announced that it has successfully completed the acquisition process and has acquired all the assets of CP Industries Inc for an amount of USD 66.3 million.

In March 2008, Everest Kanto had signed an asset purchase agreement with the US based Reunion Industries to buy all of the assets and liabilities of its pressure vessels division CP Industries.

Mr Prem Khurana CMD of Everest Kanto said that "This acquisition will enable EKC to capitalize the robust global demand for specialty and CNG gas storage systems across various countries."

Pittsburgh based CP Industries manufactures and sells large seamless pressure vessels for the containment and transportation of pressurized gases. Reunion Industries' principal activities are to own and operate industrial manufacturing operations that design and manufacture engineered products for specific customer requirements.