Air Products and Chemicals, Inc. (NYSE: APD), Allentown, PA, has agreed to purchase a 67 percent majority stake in Indura South America for $884 million. The transaction is expected to close in early July and be accretive to Air Products earnings per share in fiscal 2013.
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Headquartered in Santiago, Chile, Indura is the largest independent industrial gas company in Latin America. The investment will position Air Products as the second largest industrial gas producer in Latin America, a region second in growth only to Asia. By taking a majority stake in Indura, Air Products will extend its Latin American presence to 12 countries.
“Air Products’ investment in Indura continues our strategy to expand our global presence in high growth regions with strong local partners,” said John E. McGlade, chairman, president and chief executive officer. “This is a winning partnership offering double-digit growth with solid returns.”
Indura has annual sales of $478 millions and more than 100 retail outlets in the countries of Argentina, Chile, Colombia, Ecuador and Peru. Air Products already has existing interests in Latin America, through its wholly-owned businesses in Argentina, Brazil and its joint venture, Grupo Infra, headquartered in Mexico.
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