"Everest Kanto Cylinder, India's industrial cylinder maker, has announced that its wholly owned subsidiary, EKC International FZE, Dubai has formed a subsidiary Hungary.EKC Hungary Ltd. has formed a wholly owned subsidiary, CP Industries Holdings, in the United States (McKeesport, Pittsburgh).
CP Industries, which is a division of Reunion Industries Inc., manufactures and sells large seamless pressure vessels for the containment and transportation of pressurized gases and is a global leader in this business.
EKC Hungary and CP Industries Holdings will together acquire all the assets of CP Industries.
The board of directors of the company has approved the creation of second charge on movable & immovable assets of the company located at Tarapur, Aurangabad & Gandhidham.
Everest Kanto Cylinder Limited (EKC) was established in 1978 and since then it has grown to become pioneer in development & production of industrial & CNG Cylinders with well over 1.5 million High Pressure gas cylinders and 5.00,000 CNG cylinders in service and three manufacturing plants in India Aurangabad, Tarapur and Gandhidam and Middle East (UAE) JAFZA in Dubai.
In the third quarter of 2007, EKC's net profit declined 6.4% yr/yr to Rs 15.79 crore on 15.2% growth in net sales to Rs 81.57 crore."
Source: Portfolio Online Financial Journal
14.04.2008