Luxfer Holdings Plc (NYSE: LXFR) revealed that it has bought the Structural Composites Industries (SCI) business of Worthington Industries, Inc. (NYSE: WOR). The firm has purchased the SCI business for $20 million in cash. This acquisition will also offer a substantial cost collaboration and offers growth capability for CNG and Hydrogen.
This acquisition offers various financial benefits to the firm. It will increase the capacities of Luxfer with the better growth alternative-fuel markets. The SCI technology contains solutions for storing and transporting hydrogen which is a key strategic emphasis area for Luxfer. Furthermore, this acquisition will also expand the portfolio and generates market opportunities for growth to better serve our clients.
Moreover, the buying decision of LXFR will also improve the global customer relationships and a strong capacity for innovation. This buying is anticipated to be profitable to Adjusted EPS in 2022 with substantial cost and revenue synergy effects.