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Praxair 2Q Sales Increase 18%

Praxair, Inc. (NYSE: PX), Danbury, CT, reported second-quarter sales of $2.53 billion, an increase of 18 percent over the previous year quarter. Profit increased 24 percent to $371 million.

Sales increased due to double-digit volume growth in all geographic regions, led by South America and Asia. Sales in those two regions increased 24 percent and 41 percent respectively. In North America, second-quarter sales increased 14 percent. Sales in Europe grew 9 percent.

By end market, sales to chemicals, metals and electronics showed the strongest growth compared to the prior year. Compared to the first quarter of 2010, overall sales growth was 4%, and was broad-based across all major end-markets.

For the first six months, sales were $4.96 billion, up 16 percent over the prior year period. Profit increased 16 percent to $685 million.

"The global economic environment continued to improve this quarter, with South America and Asia showing the strongest recovery," CEO Steve Angel said. "We leveraged our strong sales growth into higher earnings growth as a result of continued productivity improvements and prior-year cost reduction."

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