DANBURY, Conn., August 30, 2010 — Praxair, Inc. (NYSE: PX) and the Al Khaled family of Kuwait have entered into definitive agreements for Praxair to acquire 49% ownership interests in the ROC Group’s existing industrial gases businesses operating in Kuwait, United Arab Emirates and Qatar.
In 2009, these businesses generated annual sales of approximately $80 million. The joint venture resulting from Praxair’s share purchase will have its headquarters in Kuwait City, Kuwait. Specific terms of the agreements were not disclosed.
“The ROC Group has strong market positions in the Gulf region. Praxair’s operational expertise, on-site plant capabilities and technology offerings will contribute to a solid partnership in the region, a key strategic area of economic expansion and industrialization,” said Scott Telesz, senior vice president, Praxair, Inc.
“Both the ROC Group and Praxair have high expectations to develop and expand the joint venture’s industrial gas activities through advanced gas applications. We are now in a unique position to combine our respective strengths and seize new business opportunities and are eminently placed to meet the needs and challenges of demanding market requirements,” said managing director of the ROC Group, Al Hareth Al Khaled.
The ROC Group has long been recognized as one of the leading independent producers and distributors of industrial gases in the Middle East with operations in 12 countries. The company produces and markets a full line of industrial and medical gases such as oxygen, nitrogen, acetylene, argon, hydrogen, carbon dioxide, nitrous oxide, mixture gas, with consolidated business in trading of refrigerant gases, liquid ammonia, chlorine, welding/cutting equipment and industrial safety products in the Middle East. Prime installation facilities, combined with experienced management and production personnel, have resulted in consistently high quality products. Later this year, ROC will celebrate its 50th anniversary of providing high-quality, reliable service in the region.
Praxair, Inc. is the largest industrial gases company in North and South America, and one of the largest worldwide, with 2009 sales of $9 billion. The company produces, sells and distributes atmospheric, process gases, and specialty gases and high-performance surface coatings. Praxair products, services and technology bring productivity and environmental benefits to a wide variety of industries, including aerospace, chemicals, electronics, energy, food and beverage, healthcare, manufacturing, metals and others. More information on Praxair is available on the Internet at www.praxair.com