As part of a major capital and acquisitions spend of more than $100 million over the last three years, Gulf Cryo has continued its aggressive investment strategy to expand into new territories announcing its first acquisition in Turkey.
Gulf Cryo has acquired Deniz Gaz, a leading industrial gas company in Turkey with production plants in four locations across the southwest of the country. Primarily producing nitrous oxide and acetylene from its four filling stations, Deniz Gaz also delivers bulk liquid oxygen and nitrogen to its customers and fills oxygen, nitrogen, argon and CO? cylinders. This established network supplies a large and diverse client base such as hospitals, shipyards, welding shops and steel and metal manufacturers.
On entering another new country, Naji Skaf, CEO at Gulf Cryo says; “Turkey is one of the largest, if not the largest, industrial gas market in the Middle East. It has had a stable economy for the past five years, has a strong industrial base, a large well educated population and the industrial gases market is demonstrating double digit growth year-on-year. This solid growth in the midst of a global downturn is very attractive for IG companies looking for investment opportunities.”
When asked about the company’s projected growth in the region Naji was optimistic; “The Turkish IG Market is currently dominated by two major players. However, as I mentioned, Turkey is increasingly becoming attractive to other multinationals so the landscape is changing. We have a clear objective to be a solid and profitable top tier player in the market and with this acquisition we have already started to achieve the right level of critical mass. Irrespective of the short term turmoil the country and the region are currently experiencing, the long term outlook is bright for the industrial gas market.”
The acquisition was signed recently for an undisclosed amount.
