Air Products announced yesterday that it has reached an agreement with the Linde Group to acquire the industrial gas business of BOC Gazy for €370m. The transaction is subject to regulatory approval and customary closing conditions.
The BOC Gazy business had fiscal year 2006 sales of approximately €126m and earnings before tax, interest, depreciation and amortisation (EBITDA) of approximately €38m.
The business has approximately 750 employees, five major industrial gas plants and six cylinder transfills serving customers across a diverse range of industries, including chemicals, steel and base metals.
‘We’re taking advantage of a unique opportunity to become the number one industrial gas supplier in Central Europe’s fastest growing economy,” said Air Products Chairman and Chief Executive Officer John Jones. ‘With manufacturing moving eastward in Europe and investment increasingly flowing in that direction, we intend to capitalise on the substantial growth potential in these markets.’