Linde, the world’s biggest industrial gases group by revenue, plans to cut costs and may and may close some sites abroad after failing to merge with U.S. rival Praxair, German weekly Spiegel reported.
The cuts will mainly affect the German company’s plant-engineering unit, which serves the oil and gas sectors and has suffered from low oil prices, Spiegel said on Friday.
Linde has sites in over 100 countries and will also look at closing some of these, the magazine added.
A Linde spokesman declined to comment.
Linde is working on how to present a vision of its future as a standalone company after the breakdown of talks with Praxair last month.
By Georgina Prodhan
INEOS Styrolution, the global leader in styrenics, has today announced the official opening of a new world-scale ABS facility located in Ningbo, China, together with its joint venture partner SINOPEC. The facility has an annual nameplate capacity of 600,000 tonnes.
The merger of Röhm’s Acrylic Products business unit and SABIC’s Functional Forms business has resulted in the formation of Polyvantis. This new company will offer extruded products in the forms film, sheet, pipe and rod for markets that include building and construction, transportation and aviation, electrical and electronics, automotive and home and garden.
Abu Dhabi National Oil Co. (Adnoc) is considering plans to acquire upstream oil and gas company Wintershall DEA, an affiliate of BASF SE, according to a Bloomberg report citing people with knowledge of the matter. A deal to acquire Wintershall DEA could be worth more than €10 billion, the report said. BASF and Adnoc declined to comment on the report.