Praxair enhances its CO2 offering with the acquisition of Yara International’s European business

Praxair has secured a deal to acquire Yara International ASA’s European CO₂ business – which enhances the Tier One company’s CO₂ offering in Europe.

The proposed transaction also includes Praxair’s acquisition of Yara’s remaining 34% stake in the Yara Praxair Holding AS industrial gas joint venture in Scandinavia. The investment for both transactions is expected to be €312m ($353m).

In 2014, Yara’s European CO₂ business sold approximately 850,000 metric tonnes of liquid CO₂ and 50,000 metric tonnes of dry ice primarily to the food and beverage industries, and generated revenues of €112m. The business operates five CO₂ liquefaction plants, three large CO₂ shipping vessels, seven shipping terminals and six dry ice production facilities across the UK, Ireland, Scandinavia, Northern Europe and Italy.

The Yara Praxair Holding AS joint venture, operating in Scandinavia and formed in 2007, had 2014 revenues of €145m.