Harrisonburg-Based ASG Acquires Pa. Tank Maker
June 12, 2009
By Daily News Record
HARRISONBURG - Atlantic Systems Group of Harrisonburg plans to add up to 10 jobs at its McGaheysville plant as a result of its acquisition of a Pennsylvania tank maker, a spokesman for the company said Thursday.
ASG has acquired the assets of Langhorne, Pa.-based Bristol Tank and Welding Co., according to a statement. Financial terms of the deal were not disclosed.
Bristol manufactures a wide range of aboveground and underground steel storage tanks for the petroleum industry.
Combined with the steel tanks made at ASG's Atlantic Fabritech Division in McGaheysville, the acquisition will expand the company's product line from 50 gallons to 20,000 gallons of storage, the company said in a statement.
Bristol Tank and Welding will be folded into ASG as a new division known as Atlantic Tanks.
More Work For Local Plant
While the division will continue to operate in Pennsylvania, the company plans to move some of the division's product line to the central Shenandoah Valley, according to Mason Smith, vice president of sales and marketing for ASG's Atlantic Fabritech division.
"Home heating oil tanks ... being manufactured in Canada will now be manufactured in McGaheysville," Smith said in an e-mail Thursday.
He added that "our business plan is to add five to 10 new jobs locally with this acquisition." Currently, the McGaheysville plant employs 27 workers.
Atlantic Tanks will be the nation's largest manufacturer of residential heating oil tanks, according to the company. Bristol had a long history in the steel tank market, dating back to 1949, and sold thousands of home heating oil tanks per year, according to Smith.
Expanded Market Share
Along with the acquisition, ASG also announced it passed the witnessed testing of its products by Underwriters Laboratories to Canadian safety standards.
That will allow the company to meet specific Canadian standards for certain aboveground storage tanks, which in turn will enable it to expand its market share throughout North America.