Praxair

Praxair, Inc. is an American worldwide industrial gases company. It 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.

Praxair, Inc.
TypeSubsidiary of Linde plc
IndustryChemicals
Founded1907
FounderCarl von Linde
HeadquartersDanbury, Connecticut, United States
Area served
Worldwide
Key people
Steve Angel
(Chairman, President, & CEO)
ProductsIndustrial gases
Revenue US$11.437 billion (2017)
US$2.448 billion (2017)
US$1.237 billion (2017)
Total assets US$20.436 billion
Total equity US$6.018 billion
Number of employees
26,461 (January 2020)
Websitewww.praxair.com
Footnotes / references
[1]
Praxair headquarters in Danbury, CT

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.[2] 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.[3] The name is derived from a combination of the Greek word "praxis", or practical application, and "air", the company's primary raw material.[4]

In August 2016 it was publicly announced that the American Praxair was in official negotiations to merger with the German Linde Group, which would form the world's largest gas supplier.[5][6][7][8] The following month in September the negotiations were halted and suspended indefinitely.[9][10][11][12] By mid December 2016 Praxair had resumed negotiations with Linde for a potential merger[13][14][15][16][17] In late December 2016 an official announcement was made that Praxair had reached an agreement to a merger with Linde in a deal valued at $35 billion[18] with an overall merger value of $65 billion.[19] 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.[19] Nonetheless in May 2017, both companies reached a deal, in principle, for an all-share merger of equals valued at $75 billion,[20] to form a new holding company.[21] In early June 2017, both companies agreed to the merger.[22] US regulatory approval was obtained in October 2018,[23] after which the financial transaction was completed.

References
  1. "Praxair, Inc. 2017 Annual Report (Form 10-K)". sec.gov. U.S. Securities and Exchange Commission. January 2018.
  2. "Praxair, Inc." International Directory of Company Histories. Ed. Paula Kepos. Vol. 11. Detroit: St. James Press, 1995. 402-404
  3. "History".
  4. "2007 Annual Report" (PDF).
  5. Fontanella-Khan, James; Massoudi, Arash (16 August 2016). "Praxair makes move for German rival Linde". ft.com. Retrieved 23 August 2016.
  6. Iwasaki, Mariko (16 August 2016). "Praxair in Talks to Acquire Germany's Linde". TheStreet. Retrieved 23 August 2016.
  7. Stone, Mike; Hack, Jens (16 August 2016). "UPDATE 3-Gas supplier Praxair opens talks to buy Germay's [sic] Linde". CNBC. Archived from the original on 2016-09-13. Retrieved 16 August 2016.
  8. Stone, Mike; Hack, Jens (16 August 2016). "Gas suppliers Praxair, Linde hold merger talks". Reuters. Retrieved 16 August 2016.
  9. Henning, Eyk. "Praxair, Linde call a halt to merger talks".
  10. "Subscribe to read". Cite uses generic title (help)
  11. Henning, Eyk (12 September 2016). "Praxair and Linde Call Off $60 Billion Merger Talks" – via www.wsj.com.
  12. "Linde, Praxair end $60 billion merger talks". 12 September 2017 – via Reuters.
  13. Henning, Eyk (7 December 2016). "Linde Resumes Merger Talks With Praxair" – via www.wsj.com.
  14. Vielma, Antonio José (29 November 2016). "Praxair reapproaches Linde to resume merger talks: Report".
  15. "Linde CEO Resigns, Praxair Talks to Resume". 7 December 2016.
  16. Bray, Chad (7 December 2016). "Linde of Germany to Resume Merger Talks With Praxair" – via NYTimes.com.
  17. "Linde Accepts Praxair's Offer to Resume Merger Talks".
  18. "Praxair to Buy Linde for $35 Billion in Industrial-Gas Deal". 20 December 2016 – via www.bloomberg.com.
  19. Editorial, Reuters. "Linde rejects request to vote on Praxair merger at AGM".
  20. http://uk.reuters.com/article/us-linde-m-a-praxair-idUKKBN18T0HS
  21. "Potential Merger - The Linde Group". Archived from the original on 2017-05-19. Retrieved 2017-06-02.
  22. http://uk.reuters.com/article/uk-linde-m-a-praxair-idUKKBN18S5YB
  23. "A new leader crowned: Praxair and Linde to complete $90bn merger of equals".
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