Praxair (PX) Acquires Five Industrial Gas Businesses
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Praxair, Inc. (NYSE: PX) announced that it has acquired five industrial gas businesses, which had combined 2015 annual sales of more than $40 million. With these acquisitions, Praxair is growing geographic density and strengthening its ability to efficiently supply customers. Financial terms of the transactions were not disclosed.
In the U.S., Praxair acquired three independent distributors of industrial and specialty packaged gases – The Welding Center in Illinois, Welder Services in Indiana, and A&B Electric Motors and Supplies in Arizona. In Panama, Praxair acquired Geneva Industrial Gases, a well-established company that provides gases for industrial and medical purposes as well as for the metal fabrication segment. Additionally, Praxair’s Italian subsidiary, Rivoira, acquired Ossigas S.r.l., a company that produces, sells and distributes medical gases throughout the Southern and Northeastern regions of the country.
“These synergistic acquisitions will contribute profitable growth and reinforce Praxair’s integrated business model,” said Steve Angel, chairman and chief executive officer of Praxair. “Through prudent capital allocation, we continue to deliver on our strategy of capitalizing on acquisition opportunities in our core geographies while also expanding our exposure to more resilient end-markets, like healthcare.”
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