Luxfer divesting aluminum cylinder business

[Divin'Papaw]

PSI-PCI Issues Industry Advisory: Luxfer Cylinders Update - DiveNewswire

PSI-PCI Issues Industry Advisory: Luxfer Cylinders Update
By PSI-PCIaccess_timeFebruary 25, 2021


Management at PSI-PCI has been informed of several important developments that have a direct affect on the recreational scuba diving industry. During international shareholder meetings held earlier this month, Luxfer officials revealed the company, one of the largest and well-known producers of scuba cylinders, will divest most of the aluminum cylinder product lines.

According to Mark Gresham of PSI-PCI, this is a significant development for the scuba diving industry. “This news means Luxfer will no longer be producing cylinders in the United States and that the existing Luxfer Aluminum Division in the United States has been sold. Further, Luxfer will only be producing composite cylinders.”

Gresham points out that Luxfer Cylinders are used by virtually all levels of scuba diving operations including retailers, resorts, live-aboard and training facilities. Luxfer has also produced oxygen cylinders that are used by the scuba industry.

 

[rhwestfall]

rut row..... wonder who bought them?

 

[rjack321]

rut row..... wonder who bought them?

I thought Luxfer already had some relationship with HYMARK (sp?)

 

[JohnN]

Here is the release. No buyer yet. . . a very strange approach to selling something (IMHO)

Luxfer Gas Cylinders confirms intent to divest US aluminum cylinder business

 

[wnissen]

It's not that unusual to identify a business that requires lots of capital and/or produces little profit and announce your intent to divest it. The idea is to goose the growth rate of the original company and increase the stock price.

 

[runsongas]

metal impact is my guess. catalina is small and ESOP so doubtful there and unlikely cyl-tec wants in the scuba business. everybody else is either steel only or wants out of the scuba business (hymark assets were bought by worthington)

 

[Jeremy Williams]

I’m not sure about Cyl-etc. I don’t own any of their cylinders, but it wasn’t clear to me if they are actually a manufacturer of cylinders or not. My feeling is that they are perhaps reselling, but that’s just speculation.

 

[Divin'Papaw]

I don’t own any of their cylinders, but it wasn’t clear to me if they are actually a manufacturer of cylinders or not. My feeling is that they are perhaps reselling, but that’s just speculation.

Luxfer definitely is a manufacturer. Many of us who are or were technical divers have plenty of Luxfer cylinders.

 

[Jeremy Williams]

Luxfer definitely is a manufacturer. Many of us who are or were technical divers have plenty of Luxfer cylinders.

Apparently not all of my thoughts made it into the keyboard there.... I was referring to Cyl-Tec not Luxfer. I own a handful of Luxfer tanks.

 

[Divin'Papaw]

Apparently not all of my thoughts made it into the keyboard there.... I was referring to Cyl-Tec not Luxfer. I own a handful of Luxfer tanks.

Ahhhhhh! Yea I didn't catch onto that.