Gulf Cryo acquires minority stake in Tyczka Air Austria
Dubai, June 18, 2014
Gulf Cryo has acquired shares in Tyczka Air Austria, a part of the Tyczka Group, becoming a minority partner.
Gulf Cryo and the Tyczka Group will bring together technical, commercial, and financial resources into Tyczka Air Austria to create an industrial gas company in a highly industrialised area, said a statement.
The joint efforts of both companies will overtime substantially enhance the company’s growth in the liquid air gases market in Austria and Germany, it said.
The construction work for a new generation air separation plant (ASU) began at Tyczka Air Austria located at the industrial park Braunau / Neukirchen in Austria last year. Its works and pre-signing of customers remain ahead of the original schedule with an anticipated plant commissioning in the fourth quarter of this year, said the statement.
The air separation plant is expected to have a daily production capacity of approximately 225 tonnes of industrial gases per day, primarily separating air into its pure components - nitrogen, oxygen, and argon.
On completion, over 20 million euros ($27 million) will have been invested in the project. The ‘cold box’, which is at the core of the ASU, was installed in April and with a height of around 60 metres, has become the new landmark of the industrial park Braunau / Neukirchen.
Amer Huneidi, chairman of Gulf Cryo, said: “I am very excited about working closely with Tyczka management team in making Tyczka Air Austria a long term success and confident that a similar history of corporate entrepreneurialism can deliver substantial benefits to both shareholders and customers.”
“Over the last three years we have undertaken a major capital and acquisitions spend and made aggressive investment decisions to expand into new territories with important moves into Saudi Arabia, Oman, Bahrain, Egypt, Iraq, and Turkey. We now have a clear objective to be a solid and profitable player in the Austrian and German industrial gases market,” he added. - TradeArabia News Service