DANBURY, Conn., February 12, 2003 — Praxair, Inc. (NYSE: PX) announced today that it will relocate its Asian regional office from Singapore to Shanghai, China, in July this year.
Announcing this action, Steve Angel, executive vice president of Praxair, said: “This relocation is a strategic move which enables Praxair to strengthen its presence in China, and recognizes China as the center of economic growth for the entire region.
“Praxair has invested more than $200 million in this key market over the last 10 years,” Angel added. “We will continue to invest and be a major player in serving China’s growing industrial markets.”
Domingos Bulus, president of Praxair Asia, said there are more than 850 Praxair employees in China supporting 16 wholly-owned enterprises and joint ventures, three partnerships and several strategic alliances in China. The company’s Asian technology center is also located in Shanghai. “From this strong base, we will continue to provide operational support for our businesses in South Korea, India and Thailand,” Bulus added.
Praxair is the largest industrial gases company in North and South America, and one of the largest worldwide, with 2002 sales of $5.1 billion. The company produces, sells and distributes atmospheric and process gases, and high-performance surface coatings. Praxair products, services and technologies bring productivity and environmental benefits to a wide variety of industries, including aerospace, chemicals, food and beverage, electronics, energy, healthcare, manufacturing, metals and others. More information on Praxair is available on the Internet at www.praxair.com.