China-based independent supplier of industrial gases AirPower Technologies (AirPower) has expanded its Southeast Asian market reach following a strategic investment into Singapore-headquartered Smart Gas.
Controlled by Asia-Pacific (APAC)-centric investment group PAG Private Equity (PAG), AirPower is the largest independent industrial gases supplier in China by revenue and – under the agreement – Smart Gas shareholders and executives will remain in their current roles.
Additional roles for Smart Gas – a cross-border industrial gases distributor – will be appointed by AirPower.
Commenting on the agreement, Wong Tak-Wai, Chairman, AirPower, Co-Head, PAG, said, “We are very pleased to welcome Smart Gas to the AirPower Technologies platform, and we look forward to more opportunities to better serve our customers in Southeast Asia.”
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