BRIGHAM CITY, Utah-Luxfer Group (NYSE:LXFR) announced that has
acquired Vexxel Composites, LLC, a manufacturer of high-pressure
composite cylinders for containment of compressed natural gas (CNG). The
company will operate as part of the Group's global Luxfer Gas Cylinders division.
Founded in 2012,
Vexxel specializes in Type 4 (polymer-lined) carbon composite cylinders
for use as fuel tanks for CNG-powered alternative fuel (AF) vehicles.
Group Chief Executive Brian Purves said: "This acquisition provides our
gas cylinder business with a facility purpose-built for the manufacture
of new Type 4 composite cylinder products, which will be targeted
primarily at the class 8 heavy-duty truck market, where a high rate of
conversion from diesel to CNG is widely anticipated. Luxfer is in final
stages of developing a new range of larger-diameter Type 4 cylinders for
growing CNG markets to complement its existing lightweight range of
Type 3 aluminum-lined cylinder products and systems."
Butcher, President of Luxfer Gas Cylinders, North America, added:
"Vexxel's proven engineering and technological capabilities are highly
complementary to Luxfer, especially their expertise in manufacturing
Type 4 cylinders for CNG. Acquiring the business adds another 4,000
units per year to Luxfer's CNG production capacity, and we will benefit
from their highly trained workforce and integrated facilities. Most
importantly, we are now well positioned to launch our premium Type 4
design, which will be the lightest in weight and also extremely tough
Wayne Clark, President of Vexxel, said: "We are
excited to be joining the Luxfer global family, with its proven track
record as a high-quality cylinder manufacturer and its comprehensive
sales and distribution network. Investment for equipment and working
capital will fuel our growth, and the future looks bright. As part of
Luxfer, our business will now operate under the name Luxfer Utah."