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.”
_____________________________________
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.
