Global pressure cylinders manufacturer Worthington Cylinders, a subsidiary of Columbus, Ohio-based metals manufacturing company Worthington Industries, Inc. announced Wednesday that it has entered into an agreement to acquire a 60 percent interest in Nitin Cylinders Limited (NCL) located in Visakhapatnam, India, to expand Worthington's presence in the growing alternative fuels cylinder market.
NCL is a subsidiary of Nitin Fire Protection Industries Ltd. (NFPIL), a group company of the Nitin Group of Companies, manufactures high pressure, seamless steel cylinders for compressed natural gas (CNG) storage in motor vehicles. NCL also produces cylinders for compressed industrial gases. NCL's annual sales are approximately US$11 million.
"Our Nitin partnership will give up the opportunity to expand our global presence in the emerging market of India," said Harry Goussetis, President, Worthington Cylinders. "This joint venture will also strengthen our product offering in the growing clean power storage market as alternative fuel gains momentum internationally for economic and environmental reasons."
"The joint venture will help Nitin Cylinders benefit from the global experience and technical capabilities of Worthington Cylinders and should better position the business to grow CNG both domestically and in international markets," said Nitin Shah, Chairman of the Nitin Group. Nitin sells cylinders in India, United Arab Emirates, Pakistan, Bangladesh, United Kingdom, Singapore and Malaysia.