The technology and industrial gases company The Linde Group has finalised the sale of its packaged gases business to Airgas Inc at an enterprise value of $310mn.
Following the unconditional approval from the antitrust authorities, the transaction was concluded at the close of business June 30th 2007 with the American industrial and speciality gases distributor acquiring the bulk of the business.
Linde will retain certain packaged gases accounts relating to its independent distributors, including acetylene production sites and filling plants, but with a newly optimized portfolio is focussing on customer segments in the US with a higher content of application technology.
The various sections of the business recorded sales of $346mn and Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of around $36mn for the financial year of 2006, with a workforce of approximately 1,400.
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