Praxair has signed an agreement with SIBUR-Russian Tyres. According to the contract, Praxair will purchase the packaged and industrial gases business in the Volgograd area from the Russian tire company.
The business, functioning under the name, Volzhsky Azot comprises two air separation units and a packaged and bulk gas business.
Praxair has announced its investment in four main Russian projects. The company produces liquid and gaseous argon, hydrogen, nitrogen and oxygen for more than 3,500 t in a day. The location of the new hydrogen plants and air separation units will be in the regions of Nizhniy, Novgorod, Rostov, Sverdlovsk and Volgograd, and will provide cheap and highly reliable industrial gases to a range of clients in the chemical, glass and steel industries.
According to Praxair Europe’s President, Todd Skare, the company will obtain distribution potential and further assets, through this Volzhsky Azot acquisition, in order to speed up to its objective of becoming the main producer of industrial gas in Volgograd area and all over South Russia. The commitment and professionalism of SIBUR - Russian Tyres to enhance operational excellence and business practices are in tune with Praxair’s.
SIBUR-Russian Tyres’ CEO, Dmitry Sokov stated that the company has considered that the acquisition will allow the Volzhsky Azot business to attain a new level of growth. It is delighted to partner with Praxair.
Source: http://www.praxair.com/