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Acquisition of Hydrospin

RIVERSIDE, CA, 18th December, 1998 – The acquisition of Hydrospin, Inc. by Luxfer, the world’s leading manufacturer of high-pressure gas cylinders, was announced today by John Rhodes, Divisional Managing Director of Luxfer Gas Cylinders, a Division of the Luxfer Group Limited, headquartered in Manchester, England.

Based in Huntington Beach, California, Hydrospin, Inc. is the world’s leading independent supplier of drawn and spun aluminium cylinder liners used in the manufacture of ultra-lightweight, composite high-pressure gas cylinders for such diverse purposes as providing breathing air for fire-fighters and the inflation of aircraft emergency slides.

"We have a relationship with Luxfer going back to the late 1970s, said Jens Jensen, currently Hydrospin’s CEO and majority shareholder. "The new association with Luxfer will solidify the company’s position as a liner manufacturer, as well as assist in continuing growth in other metal formed products".

Luxfer anticipates no layoffs or other significant employment changes at Hydrospin’s Huntington Beach plant as a result of the acquisition. The day-to-day management of the company effectively will not change, with Carl Lorentzen remaining as General Manager and Peter Lindgren continuing to be responsible for engineering and sales development. After the acquisition, Jens Jensen has agreed to continue his association with the company, acting as consultant to help facilitate the ownership changeover.

"The acquisition of Hydrospin is a very good move for Luxfer," said Rhodes. "Our position as the manufacturer of high-pressure gas cylinders in the world, combined with our global sales coverage, will provide Hydrospin with the resources to expand its operations and consolidate its commanding role as a liner manufacturer. Bringing Hydrospin’s technology and operations under the Luxfer umbrella, coupled with the recent opening of our new state-of-the-art composite cylinder plant in Riverside, will put us in an excellent position to better satisfy the requirements of our customers in the growing global marketplace for lightweight composite cylinders."

Founded in 1898, Luxfer is a global company manufacturing more than 3 million high-pressure gas cylinders a year – aluminium and composite – in six facilities on three continents. With more than 30 million cylinders manufactured to date, Luxfer Gas Cylinders meets the needs of major gas markets, including life support, medical, beverage, speciality industrial gases and scuba.

The headquarters of Luxfer’s Gas Cylinder Division is situated in Riverside, California with two manufacturing plants in Riverside and a third factory in Graham, North Carolina. Luxfer’s other cylinder manufacturing facilities are in Nottingham and Aldridge in the UK, and Sydney, Australia.

Enquiries to: Bob Bailey - 0161 911 8813

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