By Rhea Healy2016-06-02T08:28:00+01:00
After gasworld revealed that the relevant transaction documents were formally signed in April, Praxair Inc. has now officially completed its takeover of Yara International ASA’s European carbon dioxide (CO2) business.
Effective as of today, 2nd June 2016, the Tier One corporation has finalised the acquisition of Yara’s remaining 34% stake in the Yara Praxair Holding AS industrial gas joint venture.
Steve Angel, Chairman and CEO at Praxair, stressed, “These transactions are consistent with our business strategy to expand our presence in resilient end-markets such as food and beverage, as well as drive growth through synergistic acquisitions.”
The joint venture, which operates from Scandinavia, was formed in 2007 and generated revenues of approximately €112m ($125m) last year.
The business currently operates five CO2 liquefaction plants, three large CO2 shipping vessels, seven shipping terminals and six dry ice production facilities across the UK, Ireland, Scandinavia, Northern Europe and Italy.
Praxair, Inc. has further fortified its position in the Eastern US carbon dioxide (CO2) market after signing a long-term contract to purchase by-product CO2 from leading industrial blasting products and services provider, US Nitrogen LLC.
Praxair, Inc. has recently consolidated its position in the carbon dioxide (CO2) market in the South East region of the US, by announcing a long-term contract with US Nitrogen LLC to purchase by-product CO2.
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