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 and CEO of Praxair, Inc. “One area of particular interest is combining our technology and experience in enhanced oil recovery projects for certain North Sea oilfields. Also, considering the broad global reach of both organizations, we fully expect there to be additional collaborative ventures in other parts of the world in the future.”
Praxair, Inc. had 2006 sales of USD $8.3 billion. The company produces, sells and distributes atmospheric and process gases, and high-performance surface coatings.
Yara International ASA is a chemical company that converts energy and nitrogen from the air into essential products for farmers and industrial customers.
