Nikkiso Cryogenic Industries Group acquires GP Strategies' Alternative Fuels Division
Published by Callum O'Reilly,
Senior Editor
Hydrocarbon Engineering,
Nikkiso Cryogenic Industries’ Clean Energy and Industrial Gases Group, a subsidiary of Nikkiso Co. Ltd (Japan), has closed the acquisition of the Alternative Fuels Division (AFD) from GP Strategies Corp. for an undisclosed amount.
GP Strategies’ AFD focuses on the design, fabrication and maintenance of LNG, liquefied to compressed natural gas (LCNG), CNG and hydrogen facilities.
AFD will operate as part of the Group’s Integrated Cryogenic Solutions unit, and will be renamed ICS. The solutions unit is one of five functional business units of the group and operates independently from the group’s product companies. Solutions provides innovative specialty engineering, centralised project management, procurement, manufacturing and maintenance, focusing on supplying complete solutions.
“We are excited for AFD to join our Nikkiso family. AFD will broaden our offering of complete solutions. We now have an individual functional unit that can provide a solution to the customer in addition to the units that deliver products. This acquisition exemplifies our passion to provide efficient, performance based products and service,” said Peter Wagner, CEO of Cryogenic Industries and President of the Group.
Mike Mackey, who will remain with ICS as a Senior Vice President, added: “The opportunity is exciting and we look forward to being part of Nikkiso. We will meet our customers demand for the best quality, reliability, and return on their investment.”
The acquisition was effective 1 January 2020.
Read the article online at: https://www.hydrocarbonengineering.com/clean-fuels/10012020/nikkiso-cryogenic-industries-group-acquires-gp-strategies-alternative-fuels-division/
You might also like
IOCL selects Lummus' cumene technology
The new cumene unit is part of a grassroots petrochemical and polymers expansion at IndianOil's complex in Paradip, India.