Obtains 96% of the stock of A-tec, consolidation of the JAG cryogenic business

On July 1, Iwatani acquired 96% of the stock of A-tec which it has been operating in conjunction with Air Liquide Japan. Through A-tec it consolidated the Japan Air Gases cryogenic division, and in effect acquired the manufacturing and marketing business for cryogenic equipment division of Air Liquide Japan Group.

The Air Liquide Group restructured manufacturing set up of its plants and lineup of cryogenic equipment, encompassing its manufacture of ASUs in China and its worldwide procurement of cryogenic equipment. While this was going on, for Air Liquide Group the conception of the consolidation of the gas business in the Japanese market really came to stand out. For about a year they had been sounding out the possibility of a transfer of A-tec stock and the selling off of the cryogenic business to Iwatani, a company formed as a joint investment.

During this time, Iwatani was promoting its liquid hydrogen business. While this was happening, the manufacture of cryogenic equipment and the technology now became core elements of its industrial gas business. Iwatani embarked upon the acquisition as a means of broadening its business and technological base, by consolidating the personal and technology of Air Liquide, with its abundance of experience.