#Linde praxair merger news how to#
#Linde praxair merger news driver#

'The strategic combination between Linde and Praxair would leverage the complementary strengths of each across a larger global footprint and create a more resilient portfolio with increased exposure to long-term macro growth trends,' said Steve Angel, PraxairвЂ™s chairman and chief executive.

#Linde praxair merger news driver#

The companies have also identified considerable cost savings as being a key driver behind the deal, targeting annual cost savings of around $1bn.

According to data from the companies,В a combined Linde-Praxair combination would generate around $30bn in annual sales before divestitures. Linde is currently the industryвЂ™s second biggest specialty gas provider Praxair is the third biggest. LindeвЂ™s business focuses primarily on Europe and Asia, while Praxair is more dominant in the US and Latin America. The two companies have pursued a merger in order to create a new industry leader from two regional giants. The merger, like many of the industry consolidation deals announce in 2016, is expected to encounter some tough regulatory scrutiny. Merger talks between the two companies had collapsed earlier this year however they were revived following the dismissal of LindeвЂ™s finance director Georg Denoke. Under the terms of the merger, existing Linde and Praxair shareholders would each own about 50 percent of the newly combined company, according to a joint statement announcing the deal. TheyвЂ™re very strong in health care.Multinational chemical company Linde AG and US rival Praxair, Inc have announced a $65bn merger of equals via an all-stock transaction. вЂњLinde has a very good portfolio of clean fuels technology.

вЂњPraxair is very strong at oxygen combustion - we have people that we say have grown up in steel mills,вЂќ Angel said.

#Linde praxair merger news how to#

Angel said the exchange is designed for each regional organization to learn how to adopt practices that work for the other.

In one unusual step, the new Linde has installed Bernd Eulitz as head of its Americas operation in Danbury, swapping roles with Eduardo Menezes who is now in EulitzвЂ™s previous post overseeing European operations.

Danbury looks to hire director, purchase Summit space for career academyДЄngel added he is beginning to get his first granular look at the operations of a Linde that had previously been a rival, with the companies now trying to learn about each other.

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would be orders of magnitude larger than anything either Linde AG or Praxair has worked on in the past.вЂќДЄngel said this month the company has identified $900 million in cost savings, some of it in the form of вЂњcorporate rightsizingвЂќ in his words and resulting severance payments, without mentioning any specific impact on jobs. вЂњWeвЂ™re working on other large, вЂover the fenceвЂ™ projects and thereвЂ™s one that weвЂ™re working on today that. вЂњWhat weвЂ™re trying to do as a new company is to build a high-performance culture and to get 80,000 people aligned around that objective,вЂќ Angel said in early March during a conference call with investors. The company generates about 40 percent of its revenue in the United States, with rivals besides Messer Group including Paris-based Air Liquide and Air Products and Chemicals of Allentown, Pa. In the United States, Linde sold about 50 plants to Messer Group with backing from the CVC Capital Partners private equity fund.ДЄt facilities positioned near the industrial plants it supplies, Linde extracts oxygen and nitrogen from air, also delivering gases like carbon dioxide вЂњpackagedвЂќ in cylinders for use in cafeterias and other settings. The companies announced the merger in June 2017 and completed the transaction on paper exiting last October, but with multiple approvals still necessary as antitrust regulators in several countries weighed the implications of the merger on marketplace competition.