DANBURY, Conn. & MOSCOW--(BUSINESS WIRE)--Praxair, Inc. (NYSE: PX) announced today that it has entered into an agreement with SIBUR - Russian Tyres to acquire their industrial and packaged gases business in the Volgograd Region of the Russian Federation. The business operates under the name Volzhsky Azot and includes two air separation units and a bulk and packaged gas business. Financial terms of the agreement were not disclosed.
Praxair has invested in four major projects in Russia with combined production capacity greater than 3,500 tons per day of gaseous and liquid oxygen, nitrogen, hydrogen and argon. The new air separation units and hydrogen plants will be located in the Volgograd, Sverdlovsk, Rostov and Nizhniy Novgorod regions and will supply a diverse group of customers in the steel, chemical and glass industries with low-cost, high reliability industrial gases.
“The acquisition of Volzhsky Azot gives Praxair additional assets and distribution capabilities to accelerate the company toward its goal of becoming the leading industrial gas manufacturer in the area of Volgograd and throughout southern Russia,” said Todd Skare, president of Praxair Europe. “SIBUR - Russian Tyres’ professionalism, commitment to sound business practices and operational excellence are well aligned with our own. We intend for this transaction to be the first of many opportunities for Praxair to work with the companies that are part of SIBUR’s diverse businesses.”
“We believe the deal will allow Volzhsky Azot to reach a new level of business development,” said Dmitry Sokov, Chief Executive Officer of SIBUR- Russian Tyres. “And we are happy to partner with the leading industry player.”
About SIBUR - Russian Tyres
SIBUR - Russian Tyres is the leading Russian tire producer and holds a strong position among the world Top 20 tire companies. The company operates in various Russian regions and has a diversified network of 150 distributors supplying all Russian regions and exporting to more than 50 countries on 4 continents. Company portfolio of branded products includes TyRex and Cordiant — the leading Russian brands in sub-premium and VFM segment. More information on SIBUR - Russian Tyres is available on the Internet at www.sibrustyre.ru.
About Praxair, Inc.
Praxair, Inc. is the largest industrial gases company in North and South America, and one of the largest worldwide, with 2011 sales of approximately $11 billion. The company produces, sells and distributes atmospheric, process and specialty gases, and high-performance surface coatings. Praxair products, services and technologies are making our planet more productive by bringing efficiency and environmental benefits to a wide variety of industries, including aerospace, chemicals, food and beverage, electronics, energy, healthcare, manufacturing, metals and others. More information on Praxair, Inc. is available on the Internet at www.praxair.com.