Air Products has announced today a definitive agreement to purchase ACP Europe SA (ACP) in a bid to expand its European carbon dioxide (CO2) position and strengthen its Continental European industrial gas business.
The Tier One company said the transaction will complement Air Products’ European CO2 capabilities in core geographies where it already provides industrial gases.
“We are delighted to announce this transaction to acquire ACP. We are committed to invest in our core industrial gas business where it creates significant value for our shareholders, and the acquisition of ACP fulfils that criteria. ACP has a quality, well-run European CO2 business that like Air Products, prioritises safety above all else,” commented Ivo Bols, President of Industrial Gases – Europe and Africa at Air Products.
Today, Air Products supplies a broad portfolio of industrial gases across 13 European countries including liquid CO2 from its operations in Spain and Poland. Through the acquisition of ACP, Air Products would expand its liquid CO2 supply position across additional European geographies and further build density throughout Continental Europe.
“We have a long history providing excellent service to our CO2 customers based on the expertise and dedication of our employees. Combining our business with a world-leading industrial gas company committed to safety will provide customers with an expanded product portfolio and broader sourcing and supply chain capabilities, while offering our talented people significant opportunities for the future,” added ACP’s Director Jan De Ridder.
ACP, the largest independent CO2 business in Continental Europe, has more than 120 employees, four liquid CO2 production plants and two dry ice production locations across Europe. The business serves customers across a variety of applications including beverage, chemical, food and horticulture.
Closing of the transaction is conditional upon satisfaction of customary closing conditions and obtaining necessary regulatory approvals. Financial terms of the transaction are not being disclosed.
A strong fit in CO2
Just over a year since we were taken aback by the coming together of Pentair and Union Engineering in the global carbon dioxide (CO2) business, and we are again reflecting on another significant acquisition in this business.
The CO2 business is arguably more consolidated than ever before, demonstrating the demand (and future opportunities) for a gas that has become something of a cover star.
CO2 is a product – a by-product – in demand. From applications in drinks carbonation and food chilling and freezing, to water treatment, dry ice blasting, and manufacturing, CO2 is a hot topic right now.
And that makes it an attractive market for M&A too. The CO2 business has been the subject of considerable consolidation in the last half-decade…
Continue reading A strong fit in CO2