Air Liquide Announces Divestiture of U.S. Assets to Matheson Tri-Gas in Connection with Airgas Acquisition
24 June 2016 - 4:00PM
Business Wire
Regulatory News:
Air Liquide (Paris:AI) announced today that it has entered into
an agreement to sell certain assets in the United States to
Matheson Tri-Gas, Inc. (“Matheson”), a subsidiary of Taiyo Nippon
Sanso Corporation of Tokyo, Japan. Upon closing, these divestitures
to Matheson would mark a significant milestone toward satisfying
the conditions required by the Federal Trade Commission (“FTC”) in
connection with Air Liquide’s recently closed acquisition of
Airgas.
Under the terms of the purchase agreements, Matheson will
acquire the following assets from Air Liquide:
- Eighteen air separation units in
sixteen locations;
- Two nitrous oxide production
facilities;
- Four liquid carbon dioxide production
facilities in four states, including two dry ice production
facilities;
- Three Airgas retail packaged welding
gas stores in Alaska.
In addition, Air Liquide is currently in negotiations to
sell two of its facilities in Iowa that produce both liquid
carbon dioxide and dry ice, which are the remaining assets ordered
by the FTC to be divested in connection with Air Liquide’s
acquisition of Airgas.
As previously indicated, all assets to be sold under these
divestitures generated revenues of approximately $270 million for
the year ended December 31, 2015. The Matheson transaction and the
sale transaction for the Iowa plants remain subject to FTC approval
and are expected to close in the third quarter of this year.
Under the terms of the purchase agreement, Matheson will acquire
production facilities, equipment, inventory, distribution assets,
and customer contracts. Matheson will also hire employees related
to the divested assets upon closing of the transaction.
Michael J. Graff, Member of the Air Liquide Group’s
Executive Committee and Executive Vice-President for the Americas,
said: “We are pleased to have found a strong and qualified buyer
for these assets, and are continuing to focus on the successful
integration of our other operations in the United States with
Airgas to deliver even greater value and service for customers, and
contribute to the long-term profitable growth of Air
Liquide.”
Barclays Bank PLC and Cleary Gottlieb Steen & Hamilton LLP
are serving as advisors to Air Liquide on the transactions.
The world leader in gases, technologies and services for
Industry and Health, Air Liquide is present in 80 countries with
approximately 68,000 employees and serves more than 3 million
customers and patients*. Oxygen, nitrogen and hydrogen have been at
the core of the company’s activities since its creation in 1902.
Air Liquide’s ambition is to be the leader in its industry,
delivering long-term performance and acting responsibly.
Air Liquide ideas create value over the long term. At the core
of the company’s development are the commitment and constant
inventiveness of its people.
Air Liquide anticipates the challenges of its markets, invests
locally and globally, and delivers high-quality solutions to its
customers and patients, and the scientific community.
The company relies on competitiveness in its operations,
targeted investments in growing markets and innovation to deliver
profitable growth over the long-term.
Air Liquide’s revenues amounted to €16.4 billion in 2015, and
its solutions that protect life and the environment represented
more than 40% of sales. On 23 May 2016, Air Liquide completed its
acquisition of Airgas, which had revenues amounting to $5.3 billion
(around €4.8 billion) for the fiscal year ending 31 March 2016.
Air Liquide is listed on the Paris Euronext stock exchange
(compartment A) and is a member of the CAC 40 and Dow Jones Euro
Stoxx 50 indexes.
*Following the acquisition of Airgas on 23 May 2016
www.airliquide.comFollow us on Twitter
@AirLiquideGroup
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