Air Products to acquire 67 % in Chile’s Indura SA for $884 mn
20 Jun 2012
US industrial gas supplier Air Products and Chemicals Inc yesterday agreed to buy a 67-per cent stake in Chilean Indura SA for $884 million, in order to expand in Latin America.
Allentown, Pennsylvania-based Air Products, which last year failed to buy its smaller local rival Airgas Inc. for $5.1 billion, said that the transaction is expected to enhance its growth opportunities in the fast growing Latin American economy as it tries to cut its exposure in recession hit Europe.
Founded in 1948 and headquartered in Santiago, Chile, Indura is the largest independent industrial gas company in Latin America.
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 Argentina, Chile, Colombia, Ecuador and Peru.
The company has annual sales of $478 million.
Air Products already has existing interests in Latin America, through its wholly-owned businesses in Argentina, Brazil and its Mexican joint venture, Grupo Infra.