Air Products to Acquire Majority Stake in South America's Largest Independent Industrial Gas Company
Air Products (NYSE: APD) today announced a definitive agreement to purchase a 67% majority stake in Indura S.A. for $884 million/CLP 451 billion. The transaction is expected to enhance Air Products' growth opportunities in the region and be accretive to Air Products earnings per share in fiscal 2013. It is expected to close by early July, subject to certain closing conditions.
"Air Products' investment in Indura continues our strategy to expand our global presence in high growth regions with strong local partners," said John E. McGlade, chairman, president and chief executive officer. "This is a winning partnership offering double-digit growth with solid returns. Indura is a very well known and respected brand that represents a quality business, strong leadership and dedicated employees. By leveraging Indura's local leadership and Air Products' global expertise, we expect to better serve key global customers and further expand our growth opportunities in one of the world's most promising markets."
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.