The Linde Group acquires the remaining 50 percent of the shares in the Australian LPG company Elgas
The technology group The Linde Group has acquired the remaining 50 percent of the shares in the Australian LPG-company Elgas, Sydney, at an equity value of 126 million euro. Elgas, established in 1984, was a 50/50 Joint Venture between BOC Limited, a member of the Linde Group, and AGL Energy (AGL).
Elgas is the biggest marketer of LPG (Liquefied Propane Gas) in Australia and operates Australia's largest LPG storage facility at Port Botany in Sydney. The company achieved sales of around 255 million euro in the financial year 2007 and currently employs about 460 people.
"This transaction will enable us to strengthen our position as the leading supplier of gases in Australia", explained Professor Dr Wolfgang Reitzle, Chief Executive Officer of Linde AG. "We will profit from the synergies between the LPG business and our strong industrial gases business. We can leverage the Elgas infrastructure and management to expand and improve our combined LPG business across Australia and New Zealand."
In the operating segment South Pacific & Africa, Linde achieved sales of 1.284 billion euro in the financial year 2007. Within the operating segment, Linde's gases sales in South Pacific increased by 11 percent to 755 million euro in 2007.
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