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CERHA HEMPEL advises Worthington Cylinders on the acquisition of PTEC

CERHA HEMPEL advised the largest designer and manufacturer of pressure vessels in Eu-rope, Worthington Cylinders GmbH ("Worthington"), in connection with the acquisition of all shares in the German PTEC Pressure Technology GmbH ("PTEC") from its founder, manag-ing director and sole shareholder.

CERHA HEMPEL advised the largest designer and manufacturer of pressure vessels in Europe, Worthington Cylinders GmbH ("Worthington"), in connection with the acquisition of all shares in the German PTEC Pressure Technology GmbH ("PTEC") from its founder, managing director and sole shareholder. PTEC is a global specialist in the manufacture of components for natural gas and hydrogen applications and a longstanding cooperation partner of Worthington.

Immediately after and in connection with the transfer of shares, PTEC acquired the operating real estate as well as the patents required for conducting the business of PTEC from the sole shareholder, who is retained by PTEC as Senior Director of R&D.

Due to the excellent collaboration, both on a professional and personal level, between CERHA HEMPEL and the highly professional teams involved in the transaction at Worthington und PTEC this partly difficult transaction was completed efficiently and according to plan within just three months, with signing on 29 December 2020 and closing on 4 January 2021.

CERHA HEMPEL acted as lead and transaction counsel for Worthington. The team at CERHA HEMPEL consisted of Albert Birkner (Managing Partner, Corporate/M&A, Takeovers) and Martin Eichinger (Senior Associate, Corporate/M&A, Takeovers).