US Air Products acquires majority stake in Chile’s Indura for $884m

19 June 2012 12:02  [Source: ICIS news]

LONDON (ICIS)--Air Products has signed a definitive agreement to purchase a 67% majority stake in Chile-headquartered industrial gas company Indura for $884m (€698m), the US-based major said on Tuesday.

The group said the transaction, expected to close by early July 2012, will position it as the second largest industrial gas producer in Latin America.

By taking a majority stake in Indura, Air Products said it will extend its Latin American presence to 12 countries, enabling the group to benefit from greater economies of scale.

“Air Products' investment in Indura continues our strategy to expand our global presence in high growth regions with strong local partners,” said John McGlade, chairman, president and CEO.

“This is a winning partnership offering double-digit growth with solid returns … By leveraging Indura's local leadership and Air Products' global expertise, we expect to better serve key global customers and further expand our growth opportunities in one of the world's most promising markets,” he added.

Headquartered in Santiago, Chile, Indura is the largest independent industrial gas company in Latin America. The company operates in Argentina, Chile, Colombia, Ecuador, Mexico and Peru and has a distribution network in Central America, Bolivia, Canada, the US and Uruguay.

($1 = €0.79)

By: Franco Capaldo
+44 (0)20 8652 3214

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