Praxair Invests in Scandinavian Industrial Gases Co.

Praxair, Inc., Danbury, CT, has agreed to buy a 50% stake in the industrial gases business of Yara International ASA of Norway.

The joint venture would initially include Yara's existing industrial gases businesses in Norway, Denmark and Sweden. The venture would operate under the name Yara Praxair AS and would be based in Oslo, Norway. The intentions are to establish the new company during the third quarter.

Yara generated annual sales of US$150 million in fiscal year 2006.

Combining the strong market position and name recognition that Yara enjoys in Scandinavia with Praxair's operational expertise and technology offerings, particularly in the areas of energy and environmental applications, creates a very compelling partnership," said Steve Angel, chairman ...