Worthington sells Structural Composites Industries to Luxfer
Worthington Industries (US HQ industrial manufacturing company) has sold its Structural Composites Industries (SCI) facility in Pomona, California, to Luxfer Holdings Plc (US HQ producer of highly-engineered industrial materials) for $20 million in cash.
Worthington cited the facility’s unprofitability behind its divestment. It will now continue to focus on growth in hydrogen and compressed natural gas (CNG). It has recently made substantial investments in its engineering and manufacturing capabilities in Europe, particularly in Germany, Poland and Austria, to enhance its systems for the storage, transport and use of alternative fuels like hydrogen and CNG.
Luxfer said that SCI would strengthen its composite cylinder offering and aligns with recent investments to enhance its alternative fuel capabilities to capitalise on the growing CNG and hydrogen opportunities.
Alok Maskara, Luxfer CEO, said, “The addition of SCI significantly enhances our product offering and fortifies our capabilities in alternative fuels and aerospace applications.”
Luxfer views the deal as expanding its capabilities in alternative fuels and creates faster growth in CNG and hydrogen markets. The SCI technology includes solutions for storing and transporting hydrogen, a strategic focus area for Luxfer.