Global industrial gases group Nippon Sanso Holdings Corporation (NSHD) has sold its majority stake in Thai industrial gas distributor Taiyo Gases, as it continues to refocus its operations in Asia and globally.
The 68% stake, held across three group entities – Nippon Sanso Holdings Corporation, Nippon Sanso Holdings Singapore, and Siam Nippon Sanso – was transferred to Japan-based Tomoe Shokai and its affiliates, including Thai-Japan Gas. The transaction was completed on 31 March.
Taiyo Gases, established in 2016 and based in Bangkok, sells liquefied petroleum gas (LPG) and industrial gases such as oxygen and nitrogen. The company was launched to expand NSHD’s product offering in Thailand and to complement the gas operations of Nippon Sanso (Thailand), which remains a separate entity.
According to the company, the sale followed a portfolio review of its Asian operations and reflects a shift in strategy.
“After reviewing the overall portfolio of the company’s Asian operations, it was decided that transferring Taiyo Gases’s business to Tomoe Group would align with the company’s new strategic direction,” the company said in a statement.
Tomoe Shokai operates in high-pressure gases, LPG, chemicals, machinery, and medical equipment. Its Thai affiliate, Thai-Japan Gas, also supplies high pressure and sterilising gases.
The sale follows NSHD’s decision last month to cancel a delayed hydrogen project in the US and record a write-down of approximately $173m.
The hydrogen facility – likely located in Mobile, Alabama – was designed to produce over 30 million standard cubic feet per day of hydrogen using renewable hydrocarbon feedstocks. It was intended to supply Vertex Energy’s renewable diesel refinery via pipeline. Construction had already been paused and the company concluded that resuming work was no longer viable.
Nippon Sanso cited “recent changes in the business environment” as the key reason for the cancellation, which will be reflected in its full-year financial results.
Together, the two announcements point to a shift in how the company is managing its overseas assets, stepping back from projects and markets that no longer align with its changing strategy.
