Air Products acquire Indura $884 million

Air Products to acquire Indura for $884 million

12:18 PM, 19th June 2012
Air Products to acquire Indura for $884 million

LEHIGH VALLEY, US: Air Products and Chemicals Inc will buy a 67 per cent stake in Indura SA for $884 million to expand in fast-growing Latin America, as it cuts its exposure to Europe. Weak economic conditions in Europe, Air Products’s second-largest market, have forced the company to look at lowering its presence in the continent, which brought in 27 per cent of its second-quarter sales of $2.34 billion.

According to the company, the investment in Indura will position it as the second-largest industrial gas producer in Latin America, a region second in growth only to Asia. Indura is the largest independent industrial gas company in Latin America, with annual sales of $478 million. The deal, which is expected to close by early July, will add to Air Products’s earnings per share in fiscal 2013.

© Reuters News

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