Air Products Announces Plan to Divest Homecare Business in Continental Europe to The Linde Group
Air Products announced it has reached agreements for The Linde Group to purchase its Homecare business in Belgium, Germany, France, Portugal and Spain. The transactions are subject to regulatory approval and employee consultation requirements.
The total purchase price for Air Products’ Continental Europe Homecare business will be €590 MM, subject to terms agreed upon completion.
The agreements cover the sale of Air Products’ patient-based oxygen-therapy, sleep-therapy and infusion-therapy services in Continental Europe. This business serves a total patient base around 260,000 in all five countries and had revenue of approximately €210 MM last year.
Chairman, President and CEO John McGlade said, “Over many years, our Continental European Homecare team has run a successful business, helping us to build several leadership positions. With the more recent trends towards concentrators and non-oxygen therapies, we feel it is no longer a natural fit with our core gases business. Our growth strategy lies in the energy, environmental and emerging markets in which we continue to see significant opportunities.”
The company is assessing several options in regards to its remaining Homecare interests in the UK, Ireland, Argentina and Brazil. Air Products will continue to operate these businesses as part of its portfolio, competing to win new business and providing quality patient care. More broadly, Healthcare continues to offer profitable opportunities through the supply of merchant gases and related services to hospitals and other care providers.
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