Air Liquide announced today that it has entered into an agreement to sell certain assets in the United States to Matheson Tri-Gas, Inc., 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:
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.”
Source: Air Liquide
Sika AG (Baar, Switzerland) has opened a new plant in Santa Cruz de la Sierra, thus doubling its production capacity for mortar and concrete admixtures in Bolivia. With this new facility in one of the country’s main industrial agglomerations, Sika is positioning itself for continued growth in the dynamic Bolivian construction market.
Chevron Corporation (NYSE: CVX) and Renewable Energy Group, Inc. (NASDAQ: REGI) (REG) announced on Monday a definitive agreement under which Chevron will acquire the outstanding shares of REG in an all-cash transaction valued at $3.15 billion, or $61.50 per share.
Lotte Chemical Corp. will invest 10 trillion won ($8 billion) on hydrogen and battery materials through 2030 to achieve annual revenue of 50 trillion won and carbon neutrality. The Korean chemical producer on Thursday unveiled its new corporate vision outlining key corporate strategies with focus on growth through hydrogen energy and battery materials businesses.
