Luxfer Holdings PLC, the global materials technology company serving the environmental, healthcare and protection markets, today announced that it had entered into an arrangement agreement with Dynetek Industries Ltd. ("Dynetek") to acquire all of the issued and outstanding common shares of Dynetek. The Dynetek board of directors, led by Executive Chairman Douglas Pigot, has unanimously recommended that Dynetek shareholders approve the transaction.
Luxfer is a leading manufacturer of high-pressure gas cylinders. Six manufacturing plants in the US, UK, France, China and a joint venture in India produce cylinders for a diverse range of applications, including containment of compressed natural gas (CNG).
Dynetek has a leading position in CNG cylinders and alternative fuel (AF) systems for buses and heavy-goods vehicles and is a global authority on portable hydrogen containment. The company operates manufacturing facilities in Canada and Germany. Dynetek´s 2011 sales revenue was C$26 million (£16 million).
Brian Purves, CEO of Luxfer Group, said: "The area of alternative fuel systems and transportation modules is one of the strongest growing sectors of the gas containment industry, and the acquisition of Dynetek´s intellectual property, strong brand in this area and manufacturing capacity, coupled with Luxfer´s expertise in large-scale production techniques and global distribution, will help Luxfer Group to maximise its presence in, and improve the economics of, this growing market."
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Cautionary statement regarding forward-looking information
This news release contains statements that are predictive in nature, depend upon or refer to future events or conditions (including certain projections and business trends) and may contain words such as "believe", "estimate", "expect", "anticipate", "will", "intend" and other similar expressions that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995, as amended. Actual results for Luxfer Holdings PLC ("Luxfer") may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to the following: changes in market and economic conditions, including global financial issues; fluctuations in valuations of Luxfer assets; competitors´ activities; dependence on key personnel; the impact of government regulations on Luxfer business; terrorist attacks, cyber-security attacks and natural disasters; protection of intellectual property rights; and other risks and uncertainties, including but not limited to those detailed in the Luxfer Annual Report for the fiscal year ended December 31, 2011. These factors are not necessarily all factors that could cause actual results to differ materially from those expressed in any forward-looking statement. Other unknown or unpredictable factors, which may involve external factors over which Luxfer has no control, or changes in Luxfer plans, strategies, objectives, expectations or intentions, which may happen at any time at Luxfer´s discretion, could also materially and adversely affect future results. Except as required by SEC rules, Luxfer has no duty to update these statements and undertakes no obligation to update or revise any forward-looking statements publicly, whether as a result of new information, future events or other circumstances. In light of these risks and uncertainties, current plans, anticipated actions and future financial conditions and results may differ from those expressed in any forward-looking statement made by Luxfer.
