Gulf Cryo, a Kuwait-based gas company, recently acquired Turkish industrial gas producer Deniz Gaz.
Deniz Gas specializes in production and filling of helium, oxygen, nitrogen, argon and similar gases for medical and industrial applications. With facilities in Denizli, Izmir and Ankara provinces in Turkey, the company sits in the hub of the largest market of industrial gases in the Middle East region.
Gulf Cryo's CEO Naji Skaf cited Turkey's stable economy, strong industrial base and well-educated population as key factors in the decision to purchase Deniz Gaz. The Turkish industrial gases market has been growing by double-digit figures each year.
“This solid growth in the midst of a global downturn is very attractive for industrial gas companies looking for investment opportunities,” Skaf said.
Gulf Cryo is active in 14 countries throughout the Middle East, and employs approximately 2,000 workers across Austria, Bahrain, Egypt, Iraq, Jordan, Kuwait, Oman, Qatar, Saudi Arabia, Syria, Turkey and the United Arab Emirates.