FOR IMMEDIATE RELEASE
Media Contacts:
Sumul Patel +91(265)236-1834
John Finn +1(508)887-7100
Date: December 3rd, 2010
Place: Mumbai, India

FIBA Technologies, Inc. and NEW FIELD Industrial Equipment Pvt. Ltd. Announce the Formation of a Joint Venture to
Manufacture Cryogenic and CNG Equipment in India

Indian-based, NEW FIELD Industrial Equipment Pvt. Ltd. (“NEW FIELD”) and U.S.-based FIBA Technologies, Inc. (“FIBA”) have united in a joint venture to manufacture cryogenic equipment and CNG products in India. This 50/50 joint venture will leverage FIBA’s vast experience and knowledge of cryogenic and CNG equipment and NEW FIELD’s long history of pressure vessel manufacturing and engineering. The joint venture will be named FIBA NEW FIELD Gas Technology Products Pvt. Ltd. (“FNF Gas”) and will be headquartered in Vadodara, Gujarat, India. Operations at the company’s facility in Vadodara will commence in March 2011.

NEW FIELD Industrial Equipment Pvt. Ltd. is a leading engineering company that designs and manufactures pressure vessels, including ejector & vacuum systems, surface condensers, heat exchangers, storage vessels, agitated vessels, scrubbers, eductors, gas skids and turn-key projects. Founded in 1971 and headquartered in Vadodara, Gujarat, India, NEW FIELD is well established and boasts an existing customer base that includes such companies as Davy Powergas, Humphreys and Glasgow, Snamprogetti Ltd, Snia Viscosa Ltd, EIL, PDIL, and FEDO. A renowned vendor of a wide range of ejector systems, NEW FIELD supplies its products to a large number of end users in India and a host of international customers.

FIBA Technologies, Inc. is a global provider of gas containment equipment and services. Founded in 1958 and headquartered Millbury, Massachusetts, United States, FIBA’s product line includes seamless pressure vessels, tube trailers, ISO skids, cryogenic and CO2 tanks, ambient vaporizers, and related gas containment accessories. FIBA supplies products to customers around the world in numerous business sectors, including the industrial gas, chemicals, specialty gas, offshore oil and gas exploration, and alternative fuel industries. FIBA's products are manufactured with the highest standards in the industry and are in compliance with DOT, ISO, or ASME codes as required. The company also offers certification to numerous other international codes and quality standards, including IMDG, DNV, UN, SELO, and KGSC.

Key factors in FIBA’s success over the years have been its commitment to quality, focus on innovation, dedication of employees, and a service-oriented philosophy. These qualities have allowed FIBA to develop a strong brand name in the gas containment equipment industry. The joint venture strives to uphold the same level of quality manufacturing that customers have come to know and expect from FIBA. John Finn Sr., President and CEO of FIBA, states: “We recognize a significant opportunity to supplycryogenic and CNG products in India and the rest of the world. This joint venture allows us to expand our geographic presence and to manufacture technologically superior products locally in India.” FNF Gas will be manufacturing and supplying stationary cryogenic tanks, portable cryogenic tanks, CO2 tanks, ambient vaporizers, pressure vessels and related gas containment accessories. The company w
The key business and sales strategies to be adopted by the joint venture company are:
Manufacture stationary cryogenic tanks, portable cryogenic tanks, CO2 tanks, ambient vaporizers, pressure vessels and related gas containment accessories in India.
Market products to customers primarily in India/Asia. Cost-competitive products will be marketed globally.
FIBA will provide technical know-how, processes and systems to support NEW FIELD’s manufacturing in India.
Allow the joint venture to actively market FIBA’s seamless pressure vessels to penetrate the growing CNG market in India.
Enable FIBA to further develop the cryogenic equipment market in the United States and Europe by offering a greater breadth of cryogenic Products.
Achieve high productivity by building a state-of-the-art facility with modern equipment and an efficient plant layout.
John Finn, Sr. states: “We are looking forward to our new relationship and have planned for profitable growth in the joint venture. We are excited about the potential to expand our cryogenic products in the Indian and Asian markets. We look forward to working with our Indian partners and expect great success.”

Sumul Patel, President and CEO of NEW FIELD and also FNF Gas, states: “The JV combines the strong brand and ethical values of both companies and will deliver quality products to markets in Asia, Europe, and United States. We plan to serve global customers with high quality, reliable and safe gas containment equipment. We are delighted to have the opportunity to work with FIBA and welcome them to India.”

WORBUS, a global M&A firm, advised both parties in the transaction. WORBUS specializes in introducing overseas manufacturers to local Indian companies seeking to introduce new technology to India. The 5 core services of WORBUS are - Advisory, Finance, Investment Banking, Small Business Services, and Technology Consulting. WORBUS has continually broken new ground in advising their clients on strategic transactions, in pioneering the global expansion of finance and capital markets, and in providing new opportunities for individual and institutional investors.
 
 
 
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