Praxair Distribution, Inc. (PDI), a subsidiary of Praxair, Inc., announced its two joint venture companies operating in the southeastern U.S. have merged. Financial terms of the transaction were not disclosed.
The transaction involves merging Praxair Distribution Southeast, LLC (PDSE), a PDI joint venture operating in Florida and southeast Georgia since 1997, into Memphis, Tennessee- based nexAir, LLC (nexAir), a 75-year old company which entered into a joint venture with PDI in 2012, with locations in Alabama, Arkansas, Georgia, Louisiana, Mississippi and Tennessee. nexAir will grow to have annual sales of more than $200 million and 67 locations with the merger, adding coverage throughout the state of Florida. Its existing senior management team will continue to lead the combined business.
‘Both the PDSE and nexAir businesses have been very successful partnerships for PDI in the southeast and it makes sense to now combine them. It will allow us to streamline and simplify our management processes and improve customer focus and clarity around PDI’s channel strategy. Together we will provide a stronger network of services and capabilities throughout the region,’ said Scott Kaltrider, president Praxair Distribution, Inc.
This equipment will significantly lower the site’s CO2 emissions, reduce flaring and save around 60 gigawatt hours (GWh) energy each year. Project kick-off is in February 2021, with completion planned for 2023.
The acquisition significantly strengthens and expands Grace’s existing pharma portfolio. Pharma & Consumer is the largest, fastest growing and most profitable subsegment within Grace’s Materials Technologies business.
Solvay says it has decided to organize its soda ash and derivatives business into a separate and fully controlled legal structure.