Home » Air Products to Buy European Gases Supplier for $481M
Air Products to Buy European Gases Supplier for $481M
January 8, 2007
Air Products, Lehigh Valley, PA, has agreed to acquire the industrial gas business of Central Europe-based BOC Gazy Sp z o.o. from Linde Gas for 370 million euros (US$481 million).  ;   ; For regulatory purposes, BOC Gazy was required to be sold by Linde as a result of its purchase of The BOC Group plc in September 2006.   ; The BOC Gazy business had fiscal year 2006 sales of 126 million euros ($164  ; million).  ; The business has 750  ; employees, five industrial gas plants and six cylinder transfills serving customers across a diverse range of industries, including chemicals, steel and base metals, among others.   ; "We're taking advantage of a unique opportunity to become the number one industrial gas supplier in Central Europe's fastest growing economy, said Air Products CEO John Jones.  ; "With manufacturing moving eastward in Europe and investment increasingly flowing in that direction, we intend to capitalize on the substantial growth potential in these markets.  ; … It allows us to build critical mass and a low cost position in the region and be a bridge to serving a broad range of customers across Central and Eastern Europe."   ; Air Products operates in 15 countries throughout Europe, including the central and eastern European countries of the Slovak Republic, the Czech Republic, Russia and Poland.  ; Total European sales in Air Products' 2006 fiscal year were approximately $2.6 billion.  ; Within Poland, Air Products has been a supplier of industrial gases since the early 1990s and has annual sales of about 11 million euros ($15 million).   ; Air Products has annual revenues of $9 billion and operations in over 40 countries.