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Praxair, Inc. (NYSE: PX), Danbury, CT, and Memphis-based nexAir LLC, Memphis, TN, announced plans to form a joint venture in the Southeast United States.
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According to the terms of the joint venture, Praxair will contribute eight branches of its packaged gas distribution business in Georgia, Alabama and Tennessee and acquire an equity stake in the combined business, which will have sales of $150 million.
"Developing a closer relationship with nexAir allows both companies to expand into new areas that will benefit from our combined capabilities," said John Panikar, president of Praxair Distribution, Inc., the packaged gas subsidiary of Praxair, Inc. "Praxair is making major investments in Memphis and the broader southeast region. Our investment in nexAir is an expression of our confidence in our ability to grow faster together."
No changes are expected in the nexAir leadership team.