David Fritz, the former global director, operational excellence of Air Products and Chemicals, will take over as CEO of Acme Cyogenics before the end of the year. (Acme Cryogenics / CONTRIBUTED PHOTO)

ALLENTOWN — In keeping with its history of tapping Air Products for key personnel, Acme Cryogenics has hired a former executive from the Trexlertown-based industrial gases producer to take over as its CEO.

Acme announced in a statement issued this week that it had appointed David Fritz, formerly global director of operational excellence at Air Products, as its top executive.

Acme is "well positioned" to expand, Fritz said in an interview. In five years, the company will "be significantly larger in terms of growth," increasing annual production by as much 20 to 30 percent.

"A big part of what I'd like to see is that [Acme] continues to grow and expand," Fritz said.

The company's former CEO, Joel Hansen, who has served in the role since 2014, will "pursue other professional opportunities" which will include a consulting role at Graham Partners of Newtown Square, Delaware County, the private equity firm that owns Acme. He'll transition out of his CEO role over the next 90 days.

A 2015 lawsuit filed in U.S. District Court alleged Hansen and other Acme executives had verbally abused and wrongfully terminated a former Chief Financial Officer. Hansen has denied the claims. He and the other defendants are trying to have the lawsuit dismissed.

Acme spokeswoman Kristy Dietrich said there is no connection between the lawsuit and Hansen's departure.

The change in leadership comes about three months after private equity firm Gladstone Investment Corp. sold Acme to Graham Partners. At the time of the sale, Hansen said the move could help the 115-employee business grow.

When Acme formed in 1969 in Alburtis, it recruited 90 percent of its employees from Air Products, which had shut down a manufacturing plant.

Fritz said part of his vision for Acme is to offer existing customers more products. Rather than sell a specialized valve to a customer, Fritz said, Acme should aim to sell that customer the valve, vacuum jacketed piping and any other equipment the company can supply.

Besides Allentown, Acme Cryogenics has operations in Atlanta, Chicago, Houston and Lonsdale, Minn. The company bills itself as North America's leading manufacturer of cryogenic gas equipment and systems.

Acme sells, installs and maintains products to store and transfer cryogenic gases and other materials, including specialized valves and fittings. Cryogenics is a branch of physics dealing with how materials — such as liquid nitrogen — behave at low temperatures.

Its products are sold to food packaging, pharmaceutical, semiconductor and industrial gas companies, including Air Products.

The company completed a 7,500 square foot addition to its plant at 2801 Mitchell Ave., Allentown in September. The addition was necessary because the company lost its lease in the city's former Lehigh Structural Steel complex. The complex is being converted to the $300 million Waterfront development that includes office buildings along the Lehigh River.