Air Products said Monday it reached an agreement with The Linde Group to acquire the industrial gas business of BOC Gazy for $481 million.
“With manufacturing moving eastward in Europe and investment increasingly flowing in that direction, we intend to capitalize on the substantial growth potential in these markets,” said Air Products Chairman and CEO John Jones.
Air Products provides atmospheric gases, process and specialty gases, performance materials and equipment and services for the industrial, energy, technology and healthcare markets. It has 20,000 employees in more than 40 countries and annual revenues of $9 billion.
The BOC Gazy business had 2006 sales of about $164 million. Its 750 employees, five industrial gas plants and six cylinder transfills provide service for customers in industries from chemical to steel and base metals.