Worthington Industries, which among other things manufactures pressure tanks for compressed natural gas and liquified natural gas storage, acquired a majority interest in dHybrid Systems, a designer of CNG fuel systems.
The company will own 80% of the equity while the remaining 20% will be retained by the dHybrid founder who will remain in a leadership role.
Worthington Industries is a manufacturing company that produces several products, including pressure cylinders for CNG and LNG storage, transportation, and alternative fuel tanks.
“The acquisition of dHybrid gives us the opportunity to increase our participation in the fast-growing CNG fuel market and enhance the value of our supply chain offering,” said Andrew Billman, president of the Worthington pressure cylinder business. “We expect the combination of dHybrid’s innovative system designs and Worthington’s commercial and manufacturing capabilities to help drive significant growth for this portion of our alternative fuel platform.”
The acquired company, dHybrid, designs CNG fuel systems mainly for refuse and heavy duty truck application. The company’s systems have a symmetrical design and use common components to improve installation times and make replacement parts more interchangeable, according to the company.
DHybrid sells to fleet operators, heavy-duty truck dealers, fuel system installers and OEMs. This allows customers to procure vehicles using dHybrid products from several different parts of the supply chain.
The company designs fuel systems for the back of cab, top of body, side rail, combo and more. Its systems are applied to both Class 7 and 8 trucks. Based in Salt Lake City, dHybrid is housed in a 50,000-square-foot facility employing 28 people.
Originally posted on Trucking Info
See all comments