Air Products is Now the Largest Industrial Gas Supplier in Poland
LEHIGH VALLEY, Pa., April 30 -- Air Products (NYSE:APD) announced today that it has completed the acquisition of the industrial gas business of BOC Gazy Sp z o.o. from The Linde Group for 370 million euros or about $503 million. With this transaction, Air Products is now the leading industrial gas supplier in Central Europe's fastest growing economy.
Air Products announced on January 8 its intention to acquire the BOC Gazy business and has since received clearance from the European and Polish regulatory authorities.
"This is a very compelling investment for Air Products," said John McGlade, president and chief operating officer. "We now have the assets, infrastructure, people and management talent to take full advantage of the opportunities that come from having the leading position in one of the world's fastest growing economies. Poland is the fourth largest recipient of foreign direct investment next to China, India and Brazil. Our combined operations are in the industrial heartland of the region where we can bring new applications and technology to drive quality, efficiency and performance in our customers' businesses."
The business, headquartered in Warsaw, has approximately 750 employees, five major industrial gas plants and six cylinder transfill facilities serving customers across a diverse range of industries, including chemicals, steel and base metals, among others. Combined with Air Products' existing Polish business, 2006 sales were about 140 million euros or about $190 million.
Air Products operates in 15 countries throughout Europe, including the central and eastern European countries of the Slovak Republic, the Czech Republic, Russia and Poland. Total European sales in Air Products' 2006 fiscal year were approximately $2.6 billion.
Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment and is listed in the Dow Jones Sustainability and FTSE4Good Indices. The company has annual revenues of $9 billion, operations in over 40 countries, and over 20,000 employees around the globe. For more information, visit www.airproducts.com
Source: Air Products
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