MANCHESTER and PARIS, FRANCE: Wednesday, 18 April 2001. -- LUXFER HOLDINGS PLC and PECHINEY announced today that Pechiney had accepted Luxfer's offer to acquire Societe Metallurgique de Gerzat from Pechiney. Completion of the agreement is conditional on the satisfactory completion of the necessary approval procedures.
The business is a wholly owned subsidiary of the Pechiney aluminium group, with its headquarters and manufacturing operation located in Gerzat (Puy de Dome), near Clermont Ferrand in France where it manufactures high pressure gas cylinders. The business generated approximately 17.5 million euros in revenue in 2000 and employs about 140 people.
Ian McKinnon, Chief Executive of Luxfer, commented, "The acquisition of Gerzat further demonstrates Luxfer's commitment to the European gas cylinder market. The additional manufacturing facility in France will complement Luxfer's global network of operations in the USA, UK and Australia, allowing Luxfer to further improve the range of products and the quality of service it offers its customers around the World."
Philippe Darmayan, Pechiney's Senior Vice President Aerospace, Transportation & Industry, noted, "Gerzat is the only activity which Pechiney holds in the high pressure bottle business. I am sure that the sale is to the long-term benefit of the Gerzat business. The business will benefit from being part of the world's leading manufacturer of high pressure gas cylinders."
The Luxfer Group is an international group of businesses that specialise in the design, manufacture and supply of high performance engineering materials, alloys and semi-fabricated components to manufacturing industry worldwide. With a turnover of £250 million it employs 2,350 people in 20 manufacturing plants in the USA, UK, Germany and Australia.
Pechiney is an international group that is listed on the Paris and New York stock exchanges. Its two core businesses are aluminium and packaging. With a presence in 45 countries, Pechiney achieved sales of approximately 10.7 billion euros in 2000 with 31,272 employees.
Enquiries to: Bob Bailey, Luxfer Holdings plc | +44 161 911 8813