UPDATE: Praxair Acquires Russian-Based Industrial Gas Company

Praxair, Inc.

announced today that it has entered into an agreement with SIBUR - Russian Tyres to acquire their industrial and packaged gases business in the Volgograd Region of the Russian Federation. The business operates under the name Volzhsky Azot and includes two air separation units and a bulk and packaged gas business. Financial terms of the agreement were not disclosed. Praxair has invested in four major projects in Russia with combined production capacity greater than 3,500 tons per day of gaseous and liquid oxygen, nitrogen, hydrogen and argon. The new air separation units and hydrogen plants will be located in the Volgograd, Sverdlovsk, Rostov and Nizhniy Novgorod regions and will supply a diverse group of customers in the steel, chemical and glass industries with low-cost, high reliability industrial gases.