Praxair Explained

Praxair, Inc.
Type:Subsidiary of Linde plc
Foundation:1907
Founder:Carl von Linde
Location:Danbury, Connecticut, United States
Area Served:Worldwide
Key People:Steve Angel
(Chairman, President, & CEO)
Industry:Chemicals
Products:Industrial gases
Revenue: (2017)
Operating Income: (2017)
Net Income: (2017)
Num Employees:26,461 (January 2020)
Parent:Linde plc
Footnotes:[1]

Praxair, Inc. was an American worldwide industrial gases company. Founded in 1907, Praxair was the largest industrial gases company in North and South America, and the third-largest worldwide by revenue. In 2018 it merged with Linde AG to form Linde plc. The Praxair name was discontinued on September 1, 2020 in the US.[2]

History

The company was founded by Carl von Linde as Linde Air Products Company in 1907. During the First World War, however, it was confiscated and in 1917, it joined with 4 other chemical companies under the name Union Carbide and Carbon Corporation, while maintaining a separate identity.[3] Its degree of independence waxed and waned over the years, and in 1992, it was spun off as a subsidiary, Union Carbide Industrial Gases Inc., and renamed to Praxair when it became a formally independent company three years later.[4] The name is derived from a combination of the Greek word "praxis", or practical application, and "air", the company's primary raw material.[5]

In August 2016 it was publicly announced that the American Praxair was in official negotiations to merge with the German Linde Group, which would form the world's largest gas supplier.[6] [7] [8] [9] The following month in September negotiations were halted and suspended indefinitely.[10] [11] [12] [13] By mid December 2016 Praxair had resumed negotiations with Linde for a potential merger.[14] [15] [16] [17] [18] In late December 2016 an official announcement was made that Praxair had reached an agreement to merge with Linde in a deal valued at $35 billion[19] with an overall merger value of $65 billion.[20] In April, 2017 Linde again rejected a request, from German private-investor association DSW, for a shareholder vote at its annual general meeting in May.[20] Nonetheless in May 2017, both companies reached a deal, in principle, for an all-share merger of equals valued at $75 billion,[21] to form a new holding company.[22] In early June 2017, both companies agreed to the merger.[23] US regulatory approval was obtained in October 2018,[24] after which the financial transaction was completed. As part of this merger, Praxair's European business was sold to Taiyo Nippon Sanso and rebranded Nippon Gases Europe. Upon completion of merger, it formed a new American German company Linde plc domiciled in Ireland and headquartered in Surrey for tax purposes.[25] [26] [27]

Notes and References

  1. Web site: Praxair, Inc. 2017 Annual Report (Form 10-K) . January 2018 . . sec.gov.
  2. Web site: Praxair Announces Name Change to Linde . August 13, 2020 . Food Industry Executive .
  3. "Praxair, Inc." International Directory of Company Histories. Ed. Paula Kepos. Vol. 11. Detroit: St. James Press, 1995. 402-404
  4. Web site: History.
  5. Web site: 2007 Annual Report.
  6. Web site: Praxair makes move for German rival Linde . https://ghostarchive.org/archive/wKg5T . 2022-12-11 . subscription . live . Fontanella-Khan . James . Massoudi . Arash . 16 August 2016 . ft.com . 23 August 2016 .
  7. Web site: Praxair in Talks to Acquire Germany's Linde . Iwasaki . Mariko . 16 August 2016 . TheStreet . 23 August 2016 .
  8. Web site: UPDATE 3-Gas supplier Praxair opens talks to buy Germay's [sic] Linde ]. dead . https://web.archive.org/web/20160913111334/https://www.cnbc.com/2016/08/16/reuters-america-update-3-gas-supplier-praxair-opens-talks-to-buy-germays-linde.html . 2016-09-13. Stone . Mike . Hack . Jens . 16 August 2016 . . 16 August 2016 .
  9. Web site: Gas suppliers Praxair, Linde hold merger talks . Stone . Mike . Hack . Jens . 16 August 2016 . . 16 August 2016 .
  10. Web site: Praxair, Linde call a halt to merger talks. Eyk. Henning.
  11. Web site: Praxair, Linde terminate $60bn merger after Linde disagreement. https://ghostarchive.org/archive/kkprH . 2022-12-11 . subscription . live. Arash Massoudi. September 12, 2016. Financial Times.
  12. News: Praxair and Linde Call Off $60 Billion Merger Talks. Eyk. Henning. Wall Street Journal. 12 September 2016. www.wsj.com.
  13. News: Linde, Praxair end $60 billion merger talks. 12 September 2017. Reuters. Sassard. Jens Hack.
  14. News: Linde Resumes Merger Talks With Praxair. Eyk. Henning. Wall Street Journal. 7 December 2016. www.wsj.com.
  15. Web site: Praxair reapproaches Linde to resume merger talks: Report. Antonio José. Vielma. CNBC. 29 November 2016.
  16. Web site: Linde CEO Resigns, Praxair Talks to Resume. 7 December 2016.
  17. News: Linde of Germany to Resume Merger Talks With Praxair. Chad. Bray. The New York Times. 7 December 2016.
  18. Web site: Linde Accepts Praxair's Offer to Resume Merger Talks. 8 December 2016.
  19. News: Praxair to Buy Linde for $35 Billion in Industrial-Gas Deal. Bloomberg . 20 December 2016. www.bloomberg.com.
  20. News: Linde rejects request to vote on Praxair merger at AGM. Reuters. Editorial. Reuters. 11 April 2017.
  21. News: Linde turns to winning over investors to Praxair merger. Reuters. 2 June 2017. Poltz. Georgina Prodhan.
  22. Web site: Potential Merger - The Linde Group. 2017-06-02. https://web.archive.org/web/20170519095900/http://www.the-linde-group.com/en/news_and_media/potential-merger/index.html. 2017-05-19. dead.
  23. News: Linde, Praxair agree $73 billion merger to create global gases leader. Reuters. June 2017. Poltz. Georgina Prodhan.
  24. Web site: A new leader crowned: Praxair and Linde to complete $90bn merger of equals. 22 October 2018 .
  25. Web site: The New Linde.
  26. Web site: Linde PLC Announces Satisfaction of Final Conditions to Close Business Combination between Linde AG and Praxair.
  27. Web site: Praxair Europe turns into Nippon Gases Europe . May 7, 2019 . Process Technology Online.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Praxair".

Except where otherwise indicated, Everything.Explained.Today is © Copyright 2009-2024, A B Cryer, All Rights Reserved. Cookie policy.