BOC To Acquire Praxair's Industrial Gases Business in Poland

29-Aug-2002

DANBURY, Conn., Aug. 28, 2002 - The BOC Group announced today that BOC Gazy, its industrial gases company in Poland, has signed an agreement to purchase the business of Praxair Polska, the Polish subsidiary of Praxair, Inc..

The purchase price will be approximately $50 million in cash and will be funded through borrowings. The acquisition is subject to various conditions and approval from the Polish regulatory authorities.

Poland is the largest industrial gases market in central Europe and BOC Gazy will be able to provide a more comprehensive range of products and services to the Polish market following the acquisition of Praxair Polska's business. BOC Gazy was established by BOC following the 1993 privatisation of Polgaz, the state-owned gases company. It has subsequently transformed its Polish organization and established a firm base for future growth in Poland. Praxair acquired a majority interest in Praxair Polska in 1996 as a result of its acquisition of CBI Industries, Inc.

Tony Isaac, chief executive of The BOC Group, commented: "We continue to seek opportunities to improve our position in key markets. The acquisition of Praxair Polska's business will give us a much stronger business in Poland and improve our ability to serve and expand our customer base. In particular, the acquisition significantly enhances our Industrial and Special Products (ISP) business in one of the fastest-growing markets in central Europe. It improves our ability to serve and expand our customer base within each of our targeted growth segments."

Dennis H. Reilley, chief executive officer of Praxair, said, "This sale is part of Praxair's strategy to focus its resources on those geographic markets where we have enough scale to foster a level of earnings growth and return on capital consistent with our stated objectives."

https://www.chemeurope.com/en/news/13627/boc-to-acquire-praxair-s-industrial-gases-business-in-poland.html