Matheson Tri-Gas and K-Air Form Industrial Gases Joint Venture in India
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Press release date: March 11, 2010
Basking Ridge, NJ, USA and Pune, India - March 11, 2010 - Matheson Tri-Gas and K-Air Gases India Private Limited ("K-Air") announced the signing of a definitive agreement to form a new industrial gases Joint Venture in India. The new company, named Matheson K-Air Gases India Private Limited ("Matheson K-Air"), will bring together the existing industrial gases business of K-Air and the global industrial gases experience of Matheson Tri-Gas in India. Matheson K-Air plans to commence operations in March 2010 and will be headquartered at an existing K-Air facility in Pune, India.
K-Air has operations in Pune and Aurangabad where it transfills helium and produces packaged gases. It also trades in bulk and specialty gases. Founded in 2001, K-Air has built a reputation as one of the most reliable suppliers of a wide portfolio of gases to its customers in India. In 2007, K-Air commissioned a modern helium transfill facility in Pune that delivers best-in-class quality and performance.
William J. Kroll, Chairman & CEO of Matheson Tri-Gas stated, "This acquisition is consistent with our international growth strategy and highlights Taiyo Nippon Sanso's commitment to expand in high growth international markets. K-Air has done a great job of penetrating the bulk, helium and packaged gas businesses in India and provides an excellent platform for growth. Together, we can grow faster and expand to other important market segments."
Kiran Karnawat, Managing Director of K-Air added, "Formation of the JV is a natural progression of our existing relationship with Matheson Tri-Gas. We are excited about the potential for the combined company that will bring together the vast expertise of a key global player like Matheson Tri-Gas and K-Air's in depth understanding of the Indian market. The K-Air team is excited about the JV and is looking forward to accelerating its positive momentum. "
The Bridgeford Group, a unit of The Mizuho Financial Group, and Meghraj Capital Advisors Private Limited, the Indian investment banking arm of Meghraj Group, jointly acted as financial advisors to Matheson Tri-Gas for the transaction. Legal representation was provided to Matheson Tri-Gas by Wakhariya & Wakhariya. Ernst &Young India acted as financial advisors to K-Air
K-Air is a leading supplier of helium, specialty, bulk and packaged gases in the domestic Indian market, neighboring countries and Middle East.
Matheson Tri-Gas is a single source for industrial, medical, specialty and electronic gases, gas handling equipment, high performance purification systems, engineering and gas management services, and on-site gas generation with a mission to deliver innovative solutions for global customer requirements. Matheson Tri-Gas is the largest subsidiary of the Taiyo Nippon Sanso Corporation Group, one of the top five suppliers of industrial, specialty, and electronics gases in the world.