Japan Air Gases and Iwatani International Corporation merge their cryogenic equipment manufacturing activities
The production of storage tanks and transportation vehicles for liquefied cryogenic gases and related engineering services is a highly competitive market in Japan requiring both a high level of technology and a very competitive cost structure. In order to reinforce their competitiveness and growth in this important field of activity, Japan Air Gases (a JV between Air Liquide and BOC) and Iwatani International Corporation announce their intention to merge their respective cryogenic equipment manufacturing activities.
Japan Air Gases (JAG) will control 60% of the new company and Iwatani International Corporation 40%. The new company will be based at the site of A-TEC (close to KOBE) that is presently the production facility of JAG for cryogenic equipment manufacturing. It will have approximately 70 employees and expected sales of 4,5 billion yen in 2006.
Commenting on this agreement, Guy Salzgeber, President and CEO of JAG said: "This partnership between JAG and Iwatani for cryogenic equipment manufacturing will enable to provide state-of the-art cryogenic equipments and services to our respective customers. We also regard this as a very important step towards reinforcing the long term alliance between our two companies for the efficient utilization of industrial resources in Japan."
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