Luxfer boosts clean tech credentials with Canada deal
HIGH performance materials group Luxfer Holdings has made a strategic bolt-on acquisition in Canada.
The Salford-based group, which operates globally, has acquired Dynetek Industries for a just over £3m via its subsidiary Luxfer Canada.
Headquartered in Calgary, Dynetek is active in the clean technology sector and designs and manufactures proprietary fuel storage systems.
The company produces and markets one of the lightest and most advanced fuel storage and refueling systems for compressed natural gas, low emission vehicles and compressed hydrogen, zero-emission fuel cell vehicles.
Dynetek’s 2011 sales revenue was Canadian $26m (£16m).
Brian Purves, chief executive of Luxfer Group, said: “The area of alternative fuel systems and transportation modules is one of the strongest growing sectors of the gas containment industry, and the acquisition of Dynetek’s intellectual property, strong brand in this area and manufacturing capacity, coupled with Luxfer’s expertise in large-scale production techniques and global distribution, will help Luxfer Group to maximise its presence in, and improve the economics of, this growing market.”
Luxfer is a leading manufacturer of high-pressure gas cylinders and has six manufacturing plants in the US, UK, France, China and a joint venture in India. It makes cylinders for a diverse range of applications, including containment of compressed natural gas.
