The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

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 Factory

09:00 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.”

About Praxair

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.

Praxair, Inc.
Media
Lisa Esneault, (203)-837-2671
lisa_esneault@praxair.com
or
Investor
Kelcey Hoyt, (203)-837-2118
kelcey_hoyt@praxair.com

Products
  • Globe Unlimited

    Digital all access pass across devices. subscribe

  • The Globe and Mail Newspaper

    Newspaper delivered to your doorstep. subscribe

  • Globe2Go

    The digital replica of our newspaper. subscribe

  • Globe eBooks

    A collection of articles by the Globe. subscribe

See all Globe Products

Advertise with us

GlobeLink.ca

Your number one partner for reaching Canada's Influential Achievers. learn more

The Globe at your Workplace
Our Company
Customer Service
Globe Recognition
Mobile Apps
NEWS APP
INVESTING APP
Other Sections