Praxair Inc.
PRAXAIR ACQUIRES GERMAN INDUSTRIAL GAS BUSINESS FROM AIR LIQUIDE
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PRAXAIR ACQUIRES GERMAN INDUSTRIAL GAS BUSINESS FROM AIR LIQUIDE
An investor teleconference will be held at 5.00 p.m. New York time on
October 7, 2004 – see details below
DANBURY, Conn. (USA), October 7, 2004 – Praxair, Inc. (NYSE:PX) has reached
agreement with Air Liquide to purchase industrial gases assets and related
businesses in Germany for 497 million Euros, or about $600 million. Subject
to regulatory approval, the purchase is expected to close by the end of 2004.
The agreement includes certain assets required to be sold by Air Liquide as a
result of its purchase of Messer Griesheim in Germany. The business has sales
of approximately 180 million Euros, or about $217 million, and is comprised of
the southern portion of the Rhine/Ruhr pipeline and the Saar pipeline, plus
bulk distribution and packaged gas businesses. It serves large customers in
the refining, chemical and steel industries along the pipeline systems, plus
about 40,000 smaller customers in bulk, medical, specialty and packaged gases.
“This acquisition fits well with our business strategy in the German/Benelux
region,” said Dennis Reilley, chairman and chief executive officer of
Praxair. “We are acquiring a high quality business with important global and
European customers. In integrating this business, our highly successful
European team will bring Praxair’s disciplined operating culture and excellent
customer service skills to further improve the business and strengthen these
important customer relationships.”
Following the acquisition, Praxair’s business in the German/Benelux region
will have sales of approximately 265 million Euros, or about $320 million, and
total sales in Europe will be approximately 830 million Euros, or about $1
billion. It will operate six pipeline systems in Belgium, Germany, Spain and
Italy.
A teleconference on the acquisition is being held on Thursday, October 7 at
5.00 p.m. New York time. The number is 617-786-2963 Passcode: 61390640. The
call also is available as a web cast at www.praxair.com/investors. Materials
to be used in the teleconference will be available on
http://www.praxair.com/investors . A web replay will be available beginning at
7.00 p.m. New York time on Thursday, October 7, 2004 at
http://www.praxair.com/investors . A telephone replay will be available for
one week. The U.S. dial-in number is 888-286-8010. International dial-in
number is 617-801-6888. Passcode is 53746778.
Praxair is the largest industrial gases company in North and South America,
and one of the largest worldwide, with 2003 sales of $5.6 billion. The
company produces, sells and distributes atmospheric, process and specialty
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 http://www.praxair.com .
More information at:
Praxair Europe
Mr. Eduardo Gil Elejoste
Director, Business Development Europe
Orense, 11
28020, Madrid
Spain
Edelman GmbH
Mr. Frank Schoenrock
Bettinastraße 64
60325 Frankfurt/Main / Germany
Tel.: +49 (0) 69 – 75 61 99 27
Fax: +49 (0) 69 – 75 61 99 10
E-Mail: frank.schoenrock@edelman.com
Forward Looking Statements
The forward-looking statements contained in this announcement concerning
demand for products and services, the expected macroeconomic environment,
sales and earnings growth, and other financial goals involve risks and
uncertainties, and are subject to change based on various factors. These
include the risk that Praxair will not succeed in acquiring the assets in
Germany, the impact of changes in the global economy in general, and the
economies of Europe and Germany, in particular the cost and availability of
electric power, natural gas and other materials, development of operational
efficiencies, including the ability to achieve the forecasted synergies,
changes in foreign currencies, changes in interest rates, the continued timely
development and acceptance of new products and processes, the impact of
competitive products and pricing, and the impact of tax and other legislation
and regulation in Europe generally, Germany in particular, and other relevant
geographies.
end of message, (c)DGAP 07.10.2004
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WKN: 884364; ISIN: US74005P1049; Index:
Listed: Freiverkehr Berlin-Bremen, Frankfurt, München und Stuttgart; NYSE
072204 Okt 04
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