Press release from Business Wire
Praxair Expands Presence in Southern Russia with Acquisition of Volgograd Oxygen Factory
Monday, June 24, 2013
Praxair Expands Presence in Southern Russia with Acquisition of Volgograd Oxygen Factory09:00 EDT Monday, June 24, 2013
DANBURY, Conn. & MOSCOW (Business Wire) -- Praxair, Inc. (NYSE: PX) has acquired Volgograd Oxygen Factory (VOF), a leading producer and distributor of industrial gases in southern Russia, significantly strengthening the company's merchant liquid and packaged gas business in this key region. Financial terms of the transaction were not disclosed. This is the latest in a series of investments in Russia that expands Praxair's production and distribution capacity.
VOF is an established leader in the Volgograd region, serving more than two thousand customers in a variety of industries including steel, aerospace, healthcare and food and beverage. Praxair has invested in four other major projects in Russia, with combined production capacity greater than 3,500 tons per day of gaseous and liquid oxygen, nitrogen, hydrogen and argon. In addition, the company acquired Volzhsky Azot in 2012, which included two air separation units and a bulk and packaged gas business located in the Volgograd region.
“The acquisition of VOF is consistent with our business strategy to continue to build production and distribution density in southern Russia,” said Todd Skare, president of Praxair Europe. “We expect to derive immediate synergies with Praxair's newly built air separation plant in Volgograd, as well as the integration of VOF into our existing regional infrastructure. Further, we expect to drive new profitable growth from VOF's large packaged gas presence in the region.”
“We see Praxair as a high-quality investor for the development of industrial gases in Russia,” said Vladimir Pantyashin, general director of VOF. “After managing this company for more than 24 years, we are confident Praxair will bring additional experience, support and infrastructure to ensure future success in the growing industrial gases market of southern Russia.”
Praxair, Inc. is the largest industrial gases company in North and South America, and one of the largest worldwide, with 2012 sales of $11 billion. The company produces, sells and distributes atmospheric, process and specialty gases, and high-performance surface coatings. Praxair products, services and technologies are making our planet more productive by bringing efficiency and environmental benefits to a wide variety of industries, including aerospace, chemicals, food and beverage, electronics, energy, healthcare, manufacturing, metals and others. More information about Praxair, Inc. is available at www.praxair.com and at www.praxair.ru.
Lisa Esneault, (203)-837-2671
Kelcey Hoyt, (203)-837-2118