Worthington Industries Buys PTEC Pressure Technology GmbH - Quick Facts

(RTTNews) - Worthington Industries Inc. (WOR) said Thursday it has acquired Germany-based PTEC Pressure Technology GmbH, a manufacturer of valves and components for high-pressure hydrogen and compressed natural gas or CNG storage, transport and onboard fueling systems.

Worthington noted that the acquisition of PTEC adds 11 employees as well as an engineering and manufacturing facility located in Burscheid, Germany, to its global network.

"Bringing PTEC's innovative products and proven track record with vehicle manufacturers into the Worthington family of products will streamline the supply chain and further fuel innovations for the hydrogen and CNG economy," said Worthington Industries Pressure Cylinders President Eric Smolenski.

Worthington said it is adding products that are adjacent to its core pressure cylinders business. The company's strategy is to be a leading solutions provider in the rapidly growing hydrogen economy, particularly in Europe.

In addition to its existing composite cylinder production facility in Poland, to meet projected demand, Worthington has constructed a type III and IV hydrogen cylinders production line at its facility in Kienberg, Austria.