Luxfer Announces the Strategic Acquisition of Structural Composites Industries (SCI)
2021年3月15日 - 9:30PM
ビジネスワイヤ(英語)
- Broadens product portfolio in alternative fuels and
aerospace
- Significant cost synergies and provides growth capacity for CNG
and Hydrogen
- Expected to be accretive to Adjusted EPS in 2022; dilutive in
2021
Luxfer Holdings PLC (NYSE:LXFR), a global manufacturer of
highly-engineered materials, today announced it has acquired the
Structural Composites Industries (“SCI”) business of Worthington
Industries, Inc. (NYSE: WOR) for $20 million in cash.
SCI strengthens Luxfer’s composite cylinder offering and aligns
with recent investments to enhance its alternative fuel
capabilities to capitalize on the growing compressed natural gas
(CNG) and Hydrogen opportunities. The SCI team will join the Luxfer
Gas Cylinder’s team located in Riverside, CA, and complements
Luxfer’s additional locations in Nottingham, UK, Calgary, Canada
and Shanghai, China. SCI will become an integral part of Luxfer’s
Gas Cylinders and all SCI products will transition to the Luxfer
brand name.
“We welcome the SCI employees to the Luxfer team. The addition
of SCI significantly enhances our product offering and fortifies
our capabilities in alternative fuels and aerospace applications.
The newly combined business will result in higher levels of
innovation, expanded manufacturing capacity and enhanced service
offerings to our customers worldwide,” said Alok Maskara, Luxfer
Chief Executive Officer. “With the recently announced intent to
divest the majority of our Aluminum operations and today’s
announcement, we are continuing to actively reshape our portfolio
and opening new avenues of growth.”
Compelling Strategic and Financial Benefits
- Expands capabilities within higher growth alternative fuel
markets. The acquisition expands Luxfer’s capabilities in
alternative fuels and creates capacity for faster growth in CNG and
Hydrogen. The SCI technology includes solutions for storing and
transporting hydrogen, a strategic focus area for Luxfer.
- Broadens portfolio and creates market expansion
opportunities to better serve our customers. The acquisition
strengthens Luxfer’s composite cylinder capabilities by broadening
its portfolio of lightweight, high-pressure gas cylinders and
systems in several key markets including alternative fuels, life
support, aerospace and defense.
- Adds global customer relationships and strong innovation
capability. The acquisition will enhance Luxfer’s key account
management program by expanding the relationship at some large
customers while providing complementary technology and resources to
accelerate research and new product development.
- Expected to be accretive to Adjusted EPS in 2022 with
significant cost and revenue synergies. SCI will be part of
Luxfer Gas Cylinders business unit headquartered with its largest
manufacturing facility in Riverside, California, about 25 miles
from SCI’s Pomona operations. Luxfer expects to generate
significant cost synergies and growth opportunities within the
first three years.
“The Luxfer Gas Cylinders brand and product offering is
synonymous with quality, reliability and innovation, and the
acquisition of SCI will further strengthen our reputation,” stated
Andy Butcher, President of Luxfer Gas Cylinders. “We look forward
to providing our customers with an expanded portfolio of innovative
solutions, technical expertise and the highest levels of service
and support that they have come to expect from Luxfer, the world’s
leading provider of high-pressure carbon composite cylinders.”
About Luxfer
Luxfer is a global manufacturer of highly-engineered industrial
materials, which focuses on value creation by using its broad array
of technical knowhow and proprietary technologies. Luxfer’s
high-performance materials, components and high-pressure gas
containment devices are used in defense and emergency response,
healthcare, transportation and general industrial applications. For
more information, visit www.luxfer.com.
About Luxfer Gas Cylinders
Luxfer Gas Cylinders is the world’s largest manufacturer of
light weight, high-pressure gas cylinders. With more than 70
million Luxfer cylinders in service around the world, Luxfer Gas
Cylinders has an exemplary record for dependability and safety.
Luxfer cylinders are used in a variety of applications, including
firefighter and first-responder life support, medical, fire
extinguishers, alternative fuel, specialty gas, beverage,
aerospace, inflation and SCUBA. An operating company of Luxfer
Holdings PLC, Luxfer Gas Cylinders is based in Riverside,
California and has manufacturing facilities in the U.S., England,
Canada, and China. For more information, visit
www.luxfercylinders.com.
About Structural Composites Industries
Structural Composites was founded in 1971 as a spin off from
Aerojet and became one of the world's first producers of DOT
approved composite cylinders for commercial, military, and
aerospace applications. Today, the business employs over 130 people
in its Pomona, CA location, and supplies customers with high
pressure cylinders around the world, for applications including
Alternative Fuels (for hydrogen and compressed natural gas storage
and transportation) and Life Support (for firefighters breathing
apparatus, emergency escape equipment, and medical oxygen).
Forward-Looking Statements
This release contains certain forward-looking statements that
involve risks and uncertainties that could cause actual results to
differ materially from those projected in the forward-looking
statements. Examples of such forward-looking statements include but
are not limited to: (i) statements regarding the Company’s results
of operations and financial condition; (ii) statements of plans,
objectives or goals of the Company or its management, including
those related to financing, products or services; (iii) statements
of future economic performance; and (iv) statements of assumptions
underlying such statements. Words such as “believes,”
“anticipates,” “expects,” “intends,” “forecasts” and “plans,” and
similar expressions, are intended to identify forward-looking
statements but are not the exclusive means of identifying such
statements. By their very nature, forward-looking statements
involve inherent risks and uncertainties, both general and
specific, and risks exist that the predictions, forecasts,
projections and other forward-looking statements will not be
achieved. The Company cautions that several important factors could
cause actual results to differ materially from the plans,
objectives, expectations, estimates and intentions expressed in
such forward-looking statements. These factors include, but are not
limited to: (i) lower than expected future sales; (ii) increasing
competitive industry pressures; (iii) general economic conditions
or conditions affecting demand for the products and services the
Company offers, both domestically and internationally, including as
a result of the Brexit referendum being less favorable than
expected; (iv) worldwide economic and business conditions and
conditions in the industries in which we operate; (v) fluctuations
in the cost of raw materials, utilities and other inputs; (vi)
currency fluctuations and hedging risks; (vii) our ability to
protect our intellectual property; (viii) the significant amount of
indebtedness we have incurred and may incur and the obligations to
service such indebtedness and to comply with the covenants
contained therein; (ix) our ability to remediate the material
weakness in our internal controls over financial reporting; and (x)
risks related to the impact of the global COVID-19 pandemic, such
as the scope and duration of the outbreak, government actions and
restrictive measures implemented in response, supply chain
disruptions and other impacts to the business, and the Company’s
ability to execute business continuity plans, as a result of the
COVID-19 pandemic. The Company cautions that the foregoing list of
important factors is not exhaustive. These factors are more fully
discussed in the sections entitled “Forward-Looking Statements” and
“Risk Factors” in our Annual Report on Form 10-K for the year ended
December 31, 2020, which was filed with the U.S. Securities and
Exchange Commission on March 2, 2021. When relying on
forward-looking statements to make decisions with respect to the
Company, investors and others should carefully consider the
foregoing factors and other uncertainties and events. Such
forward-looking statements speak only as of the date on which they
are made, and the Company does not undertake any obligation to
update or revise any of them, whether because of new information,
future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20210315005424/en/
Press and Investor Contacts Heather Harding
investor.relations@luxfer.com
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