Yara Praxair Joint Venture Established in Scandinavia
December 03, 2007
DANBURY, Conn., December 3, 2007 — Praxair, Inc. (NYSE:PX) and Yara International ASA of Norway have formally launched a joint venture, Yara Praxair AS, effective November 30, to develop growth opportunities in the industrial gases sector in Scandinavia.
The intention to form the venture was announced in May and the European Commission cleared Praxair's acquisition of a 50% stake in Yara International's industrial gases business on November 28. Specific terms of the agreement were not disclosed.
Praxair, Inc. is the largest industrial gases company in North and South America, and one of the largest worldwide, with 2006 sales of USD $8.3 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.
Yara International ASA, with 2006 revenue of more than USD $8 billion, is a leading chemical company that converts energy and nitrogen from the air into essential products for farmers and industrial customers. As the number one global supplier of mineral fertilizers and agronomic solutions, it helps provide food for a growing world population. Its industrial product portfolio includes environmental protection agents that safeguard air and water purity and preserve food quality. Yara's global workforce of 7,000 employees represents great diversity and talent enabling Yara to remain a leading performer in its industry. Additional information is available at www.yara.com.