Air Products has agreed to acquire a 25% stake in the largest privately owned industrial gases company in Saudi Arabia.
Subject to approval and closing conditions, Air Products will acquire 25% of the gases and equipment division of Abdullah Hashim Industrial Gases & Equipment Co. Ltd. (AHG), a company of the privately owned Abdullah Hashim Group, based in The Kingdom of Saudi Arabia.
AHG is comprised of three businesses, including industrial gases, equipment, consumables and refrigerants. The business has three main production locations in Dammam, Jeddah and Riyadh, in addition to other distribution locations across The Kingdom.
Howard Castle-Smith, Air Products’ Vice President and General Manager of Tonnage Gases, Europe and Middle East, heralded the acquisition as an ‘attractive investment’. He added, “AHG is a long-established, respected and financially strong business, run by an experienced leadership team. Merchant gases growth in The Kingdom is high, and margins are strong, making it an attractive investment. It’s also a significant new platform from which to pursue tonnage gases opportunities in The Middle East.”
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