Praxair Signs Agreement to Sell Israeli Business
August 13, 2007
DANBURY, Conn., August 13, 2007 — Praxair, Inc. (NYSE: PX) has signed an agreement to sell its majority interest in Maxima Air Separation Center Ltd., based in Ramat Gan, Israel, to Discount Investment Corporation Ltd. (DIC), one of Israel's largest holding companies, a part of the IDB Group. DIC already holds an interest in Maxima. Completion of the transaction is subject to obtaining regulatory and other approvals.
Maxima has two air separation plants and had sales of $23 million in 2006. Following the sale, Maxima will continue to serve as a distributor of Praxair's products in Israel and will continue to have access to certain Praxair technology. Under the agreement, Maxima will be defined as a Praxair technology associate.
Praxair is the largest industrial gases company in North and South America, and one of the largest worldwide, with 2006 sales of $8.3 billion. The company produces, sells and distributes atmospheric, process and specialty 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.