Praxair Completes Sale of Polish Business To BOC
February 03, 2003
DANBURY, Conn., February 3, 2003 — Praxair, Inc. (NYSE: PX) and The BOC Group have finalized their agreement, previously announced on August 28, 2002, whereby BOC's industrial gases company in Poland, BOC Gazy, has purchased Praxair Polska, the Polish subsidiary of Praxair, for $50 million in cash. This transaction was completed on January 31, 2003, following clearance from the Polish regulatory authorities and the satisfactory achievement of the conditions associated with the transaction.
Dennis H. Reilley, chief executive officer of Praxair, said, “This sale is part of Praxair’s strategy to focus resources on geographic markets where we have the greatest potential for high return growth.”
Praxair is the largest industrial gases company in North and South America, and one of the largest worldwide, with 2002 sales of $5.1 billion. The company produces, sells and distributes atmospheric and process gases, and high-performance surface coatings. Praxair products, services and technologies bring productivity and environmental benefits to a wide variety of industries, including aerospace, chemicals, food and beverage, electronics, energy, healthcare, manufacturing, metals and others. More information on Praxair is available on the Internet at www.praxair.com.