By Stuart Radnedge2015-09-24T14:40:00+01:00
Praxair has acquired Tecnogas, a local producer and distributor of carbon dioxide and industrial gases in Peru.
Tecnogas has been serving customers in Peru for more than 50 years and, with annual revenue of approximately $10m, the business serves almost 400 customers across a variety of end markets including food and beverage, healthcare and metal fabrication.
Additionally, Tecnogas owns and operates three carbon dioxide production plants that Praxair will use to serve the growing demand for the gas in the country.
“The acquisition of Tecnogas is consistent with our business strategy to build production and distribution density in South America,” said Domingos Bulus, President, Praxair South America.
“We look forward to serving our new customers with the same high level of dedication, reliability and quality that they have come to expect over the past 50 years.”
“Praxair and Tecnogas share a commitment to delivering the best solutions and operational excellence to our customers,” said Alberto Choy, Chairman of Tecnogas.
“We are pleased that Praxair will continue the legacy of what we have built at Tecnogas, bringing its worldwide expertise in the industrial gases market to our local operations and customers.”
This acquisition is the second this month that involves the American Tier One purchasing a CO2 based company.
Financial terms of the deal involving Tecnogas were not disclosed.
The proposed transaction also includes Praxair’s acquisition of Yara’s remaining 34% stake in the Yara Praxair Holding AS industrial gas joint venture in Scandinavia. The investment for both transactions is expected to be €312m.
Congressman Chris Gibson was provided with a guided tour of Praxair’s hydrogen production plant and technology center by the company’s East Region vice president Jeff Barnhard and Plug Power CEO Andy Marsh.
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