Worthington Cylinders Acquires Hy-Mark - 6/22/2010
Worthington Industries, Inc. purchased the assets of Hy-Mark Cylinders, Inc. and will relocate the assets to its Worthington Cylinders Mississippi manufacturing location. Hy-Mark Cylinders, located in Hampton, VA, manufactures extruded aluminum cylinders for medical oxygen, scuba, beverage service, professional racing, and a variety of industrial and specialty gas applications. Hy-Mark’s operations generated revenue of approximately $10 million over the last year.
“The acquisition is part of our ongoing strategy to continue to grow the pressure cylinder business by expanding some of the existing product lines and also to obtain new ones,” says John P. McConnell, chairman and CEO of Worthington Industries.
“We’re excited to add Hy-Mark’s products to expand our capabilities into markets that we sell into today including scuba, carbon dioxide and industrial,” says Harry Goussetis, president of Worthington Cylinders. “We anticipate that manufacturing synergies will be created with existing assets and that the new products will help position these products for growth.”
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