Praxair, Inc. has signed an agreement with Yara International ASA to increase its 50% stake to 65% in the joint venture firm, Yara Praxair AS.
The Scandinavian joint venture was formed in 2007 and comprises Yara International’s industrial gases businesses located in Norway, Denmark and Sweden.
Steve Angel, Chairman, CEO and President of Praxair commented, “Yara has proven to be an excellent venture partner. Given the opportunities we see to expand in Scandinavia, coupled with the strong market position and name recognition that Yara enjoys there, we are pleased to have Praxair take a more active role in directing the industrial gases business going forward.”
Jørgen Ole Haslestad, CEO and president of Yara International ASA, described the partnership as “fruitful”. He added, “We are confident that this partnership will further strengthen and grow, continuing to generate significant value for our companies. Praxair sees the importance of the Scandinavian market for its growth ambitions, and acquiring a majority stake in Yara Praxair provides Praxair with a solid platform to shape the strategic direction of the company.”
“Yara will continue to be a valued and trusted partner in the years to come,” continued Haslestad.