Air Products buys majority stake in Chile industrial gases firm Indura
Air Products has agreed to purchase a 67% majority stake in Chile-based Indura S.A. for $884 million, the companies said on Tuesday.
The deal is expected to close by early July, subject to certain closing conditions.
Headquartered in Santiago, Chile, Indura is the largest independent industrial gas company in Latin America.
The investment will position Air Products as the second largest industrial gas producer in Latin America, a region second in growth only to Asia, according to the company.
By taking a majority stake in Indura, Air Products will extend its Latin American presence to 12 countries, which it says will enable the company to benefit from greater economies of scale and a large talent pool to service multinational customers in more markets.
"Air Products' investment in Indura continues our strategy to expand our global presence in high growth regions with strong local partners," said John E. McGlade, CEO.
Indura has annual sales of $478 million, and its integrated gas and retail business includes liquid bulk, small on-sites and packaged gases.
The company has more than 2300 employees, over 20 production plants, over 40 filling sites and more than 100 retail outlets in the countries of Argentina, Chile, Colombia, Ecuador and Peru.
Air Products already has existing interests in Latin America, it said, through its wholly-owned businesses in Argentina, Brazil and its joint venture, Grupo Infra, headquartered in Mexico.
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