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Everest Kanto Cylinder Ltd (EKC) has announced that an Asset Purchase Agreement has been signed with US-based Reunion Industries, Inc. (OTC - RUNI) to buy all of the assets and liabilities of its pressure vessels division, CP Industries for cash consideration of USD 64.25 Million, subject to adjustment and further subject to Bankruptcy Court proceedings and other regulatory approvals. The assets shall be acquired by a subsidiary of EKC.

ICICI Securities were the sole advisors to EKC on this transaction.

CP Industries, located in McKeesport, Pittsburgh, U.S.A , manufactures and sells large seamless pressure vessels for the containment and transportation of pressurised gases and is a global leader in this business. After consummating this transaction, EKC intends to operate and grow this business at its present facility.

According to Mr. Prem Khurana, Chairman and Managing Director, “This acquisition will enable EKC to capialise the robust global demand for specialty and CNG gas storage systems across various countries.”

Tags: Everest Kanto

This entry was posted on Tuesday, March 4th, 2008 at 7:53 am and is filed under Commodities. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.