Japan Air Gases is Launched

08-Jan-2003

Japan Air gases, the new subsidiary created jointly by Air Liquide and BOC, officially took the Japanese industrial and medical gas activities of Air Liquide Japan and Osaka Sanso Kogyo (BOC's subsidiary) under its name on Monday January 6.

Following the decision to combine their industrial and medical gases businesses on September 4, 2002, Air Liquide and BOC have obtained shareholder approval from their respective subsidiaries, Air Liquide Japan (ALJ) and Osaka Sanso Kogyo (OSK). On October 10, 2002, the proposal was given the green light by the European Commission and on November 22 the Japanese Fair Trade Commission gave its approval too.

The structural organization of the new entity, Japan Air Gases (held 55% by Air Liquide and 45% by BOC), is now officially in place. Each parent company is equally represented on the Board of Directors. At the first shareholders' meeting, and subsequent first Board meeting of the new entity, held on January 6, nominations were made for Board members and the Executive team.

The new entity, Japan Air Gases, will meet market demand for a wider range of products and services in the rapidly evolving Japanese market. With the technological and innovative support of its two parent companies it will be better positioned to fulfill customers' needs and take full advantage of future opportunities.

Japan Air Gases is destined to become a leader in Japan's industrial gas sector. The new entity should achieve potential synergy benefits estimated at around Yen 5 billion per year and is expected to be earnings enhancing for both Air Liquide and BOC.

Japan Air Gases will be fully consolidated into the accounts of Air Liquide from January 1, 2003. Sales generated by the Group in Asia in 2003 are expected to account for around 18% of total consolidated sales.

https://www.chemeurope.com/en/news/17945/japan-air-gases-is-launched.html