DANBURY, Conn. (AP) -- Praxair will raise prices on an array of its chemicals at the beginning of next month to offset higher costs.
The company, which produces gases and surface coatings, said double-digit price hikes will vary depending on the sales contracts it has with individual customers.
Higher prices will affect customers that buy bulk supplies of packaged industrial, electronics, specialty, and medical gases in the United States, Canada, and Puerto Rico, Praxair said Wednesday.
The price of nitrogen and oxygen will rise 12 percent. Argon and hydrogen will rise 18 percent. Facility fees or monthly bulk product charges and cylinder rental rates will rise 15 percent. Hardgoods will rise 15 percent.
Helium and carbon dioxide supply contracts will be addressed on an individual basis, the companys said.
Praxair said it will also use money from the price hikes to invest in production and distribution equipment. The company is the largest industrial gas companies in the world and logged revenue of $11 billion last year.
Shares of Praxair Inc. fell 13 cents to $109.88 in morning trading.