Air Liquide Sales Down 3.1% in 1Q

Acquisition of Airgas "on track" for closing in second quarter.

Paris-based Air Liquide reported sales for the first quarter of €3.9 billion (US$4.4 billion), down 3.1 percent on a reported basis and up 2.4 percent on a comparable basis compared to the first quarter of 2015.

Gas & services sales for the first quarter were €3.5 billion (US$4 billion), down 1.8 percent year-over-year on a reported basis and up 4.2 percent on a comparable basis, while engineering & construction sales decreased 30.2 percent to €124 million (US$140.3 million).

In 2015, Air Liquide agreed to acquire Airgas, which is "on track and in line with our expectation" to close in the second quarter, said CEO Benoît Potier. "Excluding the impact of Airgas acquisition and financing, and assuming a comparable environment, Air Liquide is confident in its ability to deliver another year of net profit growth in 2016."

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