Praxair's Cryomag Acquisition Offers Complete Superconducting Magnet Services
October 06, 2003
DANBURY, Conn., October 6, 2003 — Praxair, Inc. (NYSE:PX) today announced the formation of Praxair Cryomag Services, Inc., following the acquisition of Cryomag Services, Inc. The new business offers comprehensive service to the super-conducting magnet industry, with primary focus on healthcare and pharmaceutical industries as well as academic research and teaching. These comprehensive services include: cryogen transfilling, coldhead maintenance and complete magnet servicing. In addition, Praxair Cryomag Services will continue to supply high-quality cryogenic gases to meet customers’ demanding needs. Terms of the transaction were not disclosed.
"Creating Praxair Cryomag Services allows us to expand our offering from a cryogen-only supplier to full-service partner for diagnostic magnetic resonance imaging (MRI) and nuclear magnetic resonance (NMR) operations," commented Joe Cappello, vice president, Praxair Services, Inc., Helium and Rare Gases.
"This was an exciting opportunity to grow our service business from regional to national prominence,” said Steve Richards, founder and president of Cryomag Services, Inc. “By joining forces with Praxair, we are able to establish a new level of service."
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.