Air Products Sells Canadian Packaged Gas Business to BOC

12-Mar-2003

Air Products announced an agreement to divest the majority of its Canadian packaged gas business to the BOC Group. Closing would follow receipt of applicable Canadian regulatory approvals. The transaction would have no impact on Air Products' other Canadian businesses, such as tonnage/on-site, merchant liquid bulk, electronic specialty gases, liquid helium, or its packaged gas businesses outside of Canada.

The divestiture would include 24 branch locations, four plants and one corporate office for a total of 29 facilities. These facilities cover four provinces/territories associated with the filling and distribution of cylinders, tube trailers, and other containers of industrial gases and non-electronic specialty gases, including customer service centers, warehouses, office space, and other related assets. Air Products will receive CAD$60 million (USD $40 million) in cash with an additional CAD$5 million (USD $3.3 million) that could become payable if certain performance conditions are achieved over the next three years.

Air Products will continue to focus on strengthening its capabilities in North America as a producer of tonnage and merchant liquid bulk gases and an innovative pioneer for new applications and service solutions. Air Products will retain its manufacturing and distribution capabilities to serve liquid oxygen, nitrogen, argon and hydrogen merchant and on-site customers in Canada and the northern markets of the United States from its facilities in Sarnia, Ontario, Saint-Augustin-de-Desmaures, Quebec, and Nanticoke, Ontario as well as its customer-dedicated service facilities in Ontario and Quebec.

https://www.chemeurope.com/en/news/21294/air-products-sells-canadian-packaged-gas-business-to-boc.html