Following the acquisition of Messer in Germany, Air Liquide (AL) recently has signed an agreement with Praxair, for the sale of the industrial gases assets and related businesses in Germany for 497 million Euros (about $600 million).
It complied the agreement between AL and the EU to meet anti-trust requirements.
Subject to regulatory approval, the purchase is expected to close by the end of 2004.
The business has sales of approximately 180 million Euros (about $217 million), and serves large customers in the refining, chemical and steel industries along the pipeline systems, plus about 40,000 smaller customers in bulk, medical, specialty and packaged gases.
Following the acquisition, Praxair's business in the German/Benelux region will have sales of approximately 265 million Euros (about $320 million), and total sales in Europe will be approximately 830 million Euros (about $1 billion).
"This acquisition fits well with our business strategy in the German/Benelux region," said Dennis Reilley, chairman and chief executive officer of Praxair.
