SIAD has confirmed further to the merger between Praxair and Linde, the thirty-year joint venture between SIAD and Praxair has come to end.
The news had been expected following Praxair’s announcement on 20th August about its divestments in Europe.
Through its holding company Flow Fin, SIAD has bought back Praxair Italy’s shares in SIAD and in turn sold its shares in Rivoira to Praxair Italy. As a result of the transaction, SIAD will take control of the Medigas Group and IGAT and will exit from the Chemgas.
The end of the joint venture does not change the SIAD Group’s present and future business plans because its managerial autonomy, corporate solidity, continuous research and the international reputation demonstrated by over 100,000 customers across the world, allow to face SIAD future with confidence.
SIAD Group Chairman, Roberto Sestini, said that following transaction, nothing will change for SIAD.
“While we regret the necessary separation from Praxair, there is no doubt about our Group’s capacity to continue along the path it has undertaken and to carry on pursuing its objectives.”
“SIAD confirms the corporate values that are part of its DNA, which are to be driven by research, innovation, its partnership with customers and suppliers, operational excellence based on its know-how and the strength, creativity and loyalty of its employees in the various business sectors (technical, specialty, medical gases and the respective services) in Italy and worldwide.”
“SIAD will continue developing its technologies in the engineering sector (production plants for technical gas, compressors and burners).”
Sestini added, “The positive trend of the last years is confirmed and in particular 2018 will register a turnover growth of 8-10% and an improvement of the economic indicators. The forecast for 2019 is also positive and we envisage replicating the 2018 performance.”