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Praxair Inc. (NYSE: PX), Danbury, CT, has agreed to sell the majority of its businesses in Europe to Taiyo Nippon Sanso Corporation for EUR 5 billion in cash (US$5.6 billion), subject to customary adjustments at closing. The businesses generated annual sales of approximately EUR 1.3 billion (US$1.5 billion) in 2017.
The agreement is subject to the successful closing of the Praxair-Linde merger, announced last year, and other regulatory approvals, the company said.
The assets to be sold include Praxair’s industrial gases businesses in Belgium, Denmark, France, Germany, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden and the United Kingdom, and include approximately 2,500 employees. Praxair will continue to own, operate and maintain the businesses until the closing of the merger and the European divestiture transaction, the company said.