Praxair

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Praxair, Inc.
Public
Traded asNYSE: PX
IndustryChemicals
Founded1907
FounderCarl von Linde
HeadquartersDanbury, Connecticut, United States
Area served
Worldwide
Key people
Steve Angel
(Chairman, President, & CEO)
ProductsIndustrial gases
RevenueIncrease US$11.437 billion (2017)[1]
Increase US$2.448 billion (2017)[1]
Decrease US$1.237 billion (2017)[1]
Total assetsIncrease US$20.436 billion (2017)[1]
Total equityIncrease US$6.018 billion (2017)[1]
Number of employees
26,461 (December 2017)[1]
Websitehttp://www.praxair.com

Praxair, Inc. was 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.

History[edit]

The company was founded by Carl von Linde as Linde Air Products Company in 1907. 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.[citation needed]

Praxair was the first company in North America to commercialize cryogenically separated oxygen.[citation needed] The company introduced the first distribution system for liquid gas in 1917 and developed on-site gas supply in the 1940s.[citation needed] In the 1960s, Praxair introduced non-cryogenic means of air separation.[citation needed]

In August 2016 it was publicly announced that the American company was in official negotiations to merger with the German competitor Linde Group, which would form the world's largest gas supplier.[4][5][6][7] The following month in September the negotiations were halted and suspended indefinitely.[8][9][10][11] As of mid December 2016 Praxair has resumed negotiations with Linde for a potential merger [12][13][14][15][16] In late December an official announcement was made that Praxair has reached an agreement to merger with Linde in a deal valued at $35 billion[17] with an overall merger value of $65 billion.[18] In April, 2017 Linde again rejected a request for a shareholder vote at its annual general meeting in May (from German private-investor association DSW).[18] In May 2017, both companies reached a deal in principle on an all-share merger of equals valued at $75 billion,[19] the deal will still need the approval of Praxair's board of directors as well as Linde's management and executive boards[20] and if approved, will form a new holding company.[21] In early June, both companies agreed to the merger.[22]

References[edit]

  1. ^ a b c d e f "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. ^ Fontanella-Khan, James; Massoudi, Arash (16 August 2016). "Praxair makes move for German rival Linde". ft.com. Retrieved 23 August 2016.
  5. ^ Iwasaki, Mariko (16 August 2016). "Praxair in Talks to Acquire Germany's Linde". TheStreet. Retrieved 23 August 2016.
  6. ^ Stone, Mike; Hack, Jens (16 August 2016). "UPDATE 3-Gas supplier Praxair opens talks to buy Germay's Linde". CNBC. Retrieved 16 August 2016.
  7. ^ Stone, Mike; Hack, Jens (16 August 2016). "Gas suppliers Praxair, Linde hold merger talks". Reuters. Retrieved 16 August 2016.
  8. ^ Henning, Eyk. "Praxair, Linde call a halt to merger talks".
  9. ^ "Subscribe to read".
  10. ^ Henning, Eyk (12 September 2016). "Praxair and Linde Call Off $60 Billion Merger Talks" – via www.wsj.com.
  11. ^ "Linde, Praxair end $60 billion merger talks". 12 September 2017 – via Reuters.
  12. ^ Henning, Eyk (7 December 2016). "Linde Resumes Merger Talks With Praxair" – via www.wsj.com.
  13. ^ Vielma, Antonio José (29 November 2016). "Praxair reapproaches Linde to resume merger talks: Report".
  14. ^ "Linde CEO Resigns, Praxair Talks to Resume". 7 December 2016.
  15. ^ Bray, Chad (7 December 2016). "Linde of Germany to Resume Merger Talks With Praxair" – via NYTimes.com.
  16. ^ "Linde Accepts Praxair's Offer to Resume Merger Talks".
  17. ^ "Praxair to Buy Linde for $35 Billion in Industrial-Gas Deal". 20 December 2016 – via www.bloomberg.com.
  18. ^ a b Editorial, Reuters. "Linde rejects request to vote on Praxair merger at AGM".
  19. ^ http://uk.reuters.com/article/us-linde-m-a-praxair-idUKKBN18T0HS
  20. ^ Editorial, Reuters. "Linde, Praxair reach agreement on details of merger".
  21. ^ "Potential Merger - The Linde Group".
  22. ^ http://uk.reuters.com/article/uk-linde-m-a-praxair-idUKKBN18S5YB

External links[edit]