Luxfer Acquires Structural Composites Industries

March 15 (2021

Luxfer Holdings PLC has acquired the Structural Composites Industries (SCI) business of Worthington Industries, Inc. 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.

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.

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