Apr 28 2009
Selas Heat Technology Co. LLC ("Selas") announced today the acquisition of Pyronics, Inc. and its subsidiaries ("Pyronics") from its owner. The combined companies have robust synergies that now allow Selas to offer one of the widest range of products of industrial burners, process burners, mixing systems and related combustion accessories and equipment. Selas, also well known for its specialty high temperature ceramics and refractory products will add castable refractory capability through this transaction.
"The acquisition of the Pryonics product lines represents a key milestone in the execution of the Selas strategy to offer global combustion customers a World of Combustion Solutions", says David S. Bovenizer, Chief Executive Officer of Selas and Lionheart Ventures. The combined companies have operations in Pennsylvania and Ohio, USA, Germany, Japan and China.
Since being acquired in 2005 by Lionheart Ventures, Selas has invested millions into production capacity and upgrades, product and applications development and organizational development. Mr. Bovenizer adds, "Driven by our conservative capital structure, we are committed to continue investing in the growth plans of Selas and Pyronics, even in the more challenging current economic environment. We anticipate the opportunity to complement our organic business development initiatives with more acquisitions and welcome such opportunities".