Air Water and Mitsui recently announced that concluded an MOU on a strategic alliance aimed at expanding the industrial gas business in the global market.

As a first step, Mitsui subscribed to preferred shares valued at USD 40 million in Air Water America, a wholly-owned subsidiary of Air Water, and has begun cooperating on expanding the industrial gas business in North America.

Amid such industrial developments, the strategic directions of Air Water, which is working to grow and develop the industrial gas business in North America, and Mitsui, which is set to step up new initiatives in the industrial gas business using its diverse activities, networks in North America, have aligned. In addition to expanding the industrial gas business in North America, both companies will contribute business in various locations world-wide in the future.