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INOX India acquires majority stake in Cryogenic Vessel Alternatives, USA
Written by Rajeev   
Tuesday, 05 January 2010
INOX India Limited has acquired majority interest in Cryogenic Vessel Alternatives (CVA), the world’s largest manufacturer of cryogenic transportation equipment. Together the entity shall become the second largest company, offering cryogenic storage, transportation and distribution products for the global market.

Cryogenic Vessel Alternatives, with revenues of approximately US $60 Million last year, has comprehensive manufacturing and repair facilities for cryogenic transportation equipment at Mont Belvieu, Texas, USA, with presence across Canada, China and Turkey.

While INOX India Limited, India’s largest cryogenic engineering company, leads the market in stationary storage tanks, CVA is a specialist in large cryogenic transport tanks and mobile Oil/Gas Field pumping units. This complementary market leadership, know-how and product range between the two companies will strengthen their current positions around the world.

Speaking at the occasion Mr. Parag P. Kulkarni, Director and CEO, INOX India said, “The completion of this acquisition by INOX India is a major step forward in our global strategy and represents an exciting future for both businesses.”

Chris Carr, Hector Villarreal and Dean Corbin, erstwhile owners of CVA, will continue to play leadership roles and leverage the significant geographical market and product synergies resulting from this new partnership.

“Together we are a balanced company, strategically well placed to compete at the leading edge of a rapidly growing cryogenic industry,” said Chris Carr, CEO of CVA.

INOX India's product offerings span the entire cryogenic value chain including storage, transportation and distribution and is used in various industries such as Industrial Gases, LNG Distribution, CryoBio Medical and Scientific research in Space, Nuclear and Superconductivity.

Both INOX and CVA will continue to offer their customers great products and services, while enhancing their current product offerings globally.

 
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