Praxair to Sell Controlling Interest in Israeli Air Separation Plants

Praxair, Inc. has signed an agreement to sell its majority interest in Maxima Air Separation Center Ltd., based in Ramat Gan, Israel, to Discount Investment Corporation Ltd. (DIC), one of Israel's largest holding companies, a part of the IDB Group. DIC already holds an interest in Maxima. Completion of the transaction is subject to obtaining regulatory and other approvals.

Maxima has two air separation plants and had sales of $23 million in 2006. Following the sale, Maxima will continue to serve as a distributor of Praxair's products in Israel and will continue to have access to certain Praxair technology. Under the agreement, Maxima will be defined as a Praxair technology associate.