Air Liquide has sold its Industrial Merchant business in the United Arab Emirates (UAE) and Bahrain to Air Products.
The industrial gas giant today (12th April) confirmed the transaction, stating that it includes Air Liquide Emirates for Industrial Gases LLC (ALEMIR), including liquid bulk, packaged gases and specialty gases, as well as its share in the Middle East Carbon Dioxide W.L.L (MECD), which owns and operates a liquid CO2 production facility in Bahrain.
Divestment of Air Liquide’s Industrial Merchant business in the UAE and Bahrain is part of the group’s strategy to regularly review its asset portfolio and focus on selected fast developing areas and activities.
Hamid Sabzikari, Vice-President and General Manager of Air Products Industrial Gases for the Middle East, Egypt and Turkey, said, ”The acquisition builds on many years of good experience working in and serving customers in the Middle East and supports our growth strategy for the region.”
”It is yet another example of how Air Products is building and strengthening its industrial gas business in the Middle East. In acquiring these businesses, we have further expanded our footprint and regional presence in the UAE and Bahrain, strengthened our product sourcing and reliability, and welcomed talented and dedicated people into our Middle East organisation who are passionate about serving local customers.”
It is believed the move will see 97 employees integrated within the Air Products organisation.
Financial terms of the agreement have not been disclosed.