Worthington Industries Inc’s unit joint venture with India’s Nitin Cylinders Limited

Worthington Industries, Inc. Thursday announced that its Worthington Cylinders segment has entered into an agreement to acquire a 60 per cent interest in India’s Nitin Cylinders Limited. Nitin Cylinders Limited (NCL) is located in Visakhapatnam, India, and the move is expected 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. NCL 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 $11 million USD.

Harry Goussetis, President, Worthington Cylinders noted that the Nitin partnership will give Worthington Cylinders the opportunity to expand its global presence in the emerging market of India. He further stated that the joint venture will also strengthen Worthington Cylinders’ product offering in the growing clean power storage market as alternative fuel use gains momentum internationally for economic and environmental reasons.

Nitin Shah, Chairman of the Nitin Group commented that 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. Nitin sells cylinders in India, United Arab Emirates, Pakistan, Bangladesh, United Kingdom, Singapore and Malaysia.

Worthington Cylinders is the world’s leading global manufacturer of pressure cylinders, delivering products and value-added services to its customers designed to exceed their expectations in quality, service and value. Worthington Cylinders offers the most complete line of pressure cylinders in the industry, including storage of liquefied petroleum, refrigerant, oxygen and industrial gases.

Balloon Time and Worthington Pro Grade products are available at retailers nationwide and provide consumers products for grilling, party planning, outdoor leisure activities and home repair.

Worthington Industries is a leading diversified metals manufacturing company with 2010 fiscal year sales of approximately $1.9 billion. The Columbus, Ohio based company is North America’s premier value-added steel processor, and the global leader in manufactured pressure cylinders, such as propane, oxygen and helium tanks, hand torches, camping cylinders, CNG, and scuba tanks; light gauge steel framing for commercial and residential construction; framing systems and stairs for mid-rise buildings; current and past model automotive service stampings; metal ceiling grid systems; steel pallets and racks; and laser welded blanks. Worthington employs approximately 6,500 people and operates 65 facilities in 11 countries.

23 Dec 2010.