20 April 2001
20 April 2001
Pechiney has accepted Luxfer's offer to acquire Societe Metallurgique de Gerzat from Pechiney. Completion of the agreement is conditional on the satisfactory completion of the necessary approval procedures.
The business is a wholly owned subsidiary of the Pechiney aluminium group, with its headquarters and manufacturing operation located in Gerzat (Puy de Dome), near Clermont Ferrand in France where it manufactures aluminium and composite high pressure gas cylinders. It generated approximately 17.5 million euros in revenue in 2000 and employs about 140 people.
Philippe Darmayan, Pechiney's Senior Vice President Aerospace, Transportation & Industry, noted, ""Gerzat is the only activity which Pechiney holds in the high pressure bottle business. I am sure that the sale is to the long-term benefit of the Gerzat business. The business will benefit from being part the world's leading manufacturer of high pressure gas cylinders.""
Ian McKinnon, Chief Executive of Luxfer, commented, ""The acquisition of Gerzat further demonstrates Luxfer's commitment to the European gas cylinder market. The additional manufacturing facility in France will complement Luxfer's global network of operations in the USA, UK and Australia, allowing Luxfer to further improve the range of products and the quality of service it offers its customers around the World.""
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