Praxair

Last updated
Praxair, Inc.
TypeSubsidiary of Linde plc
Industry Chemicals
Founded1907
Founder Carl von Linde
Headquarters Danbury, Connecticut, United States
Area served
Worldwide
Key people
Steve Angel
(Chairman, President, & CEO)
Products Industrial gases
RevenueIncrease2.svg US$11.437 billion (2017)
Increase2.svgUS$2.448 billion (2017)
Decrease2.svgUS$1.237 billion (2017)
Total assets Increase2.svgUS$20.436 billion
Total equity Increase2.svgUS$6.018 billion
Number of employees
26,461 (January 2020)
Parent Linde plc
Website www.praxair.com
Footnotes /references
[1]

Praxair, Inc. was an American worldwide industrial gases company. Founded in 1907, Praxair 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. The Praxair name was discontinued on September 1, 2020 in the US. [2]

Contents

History

Stock certificate of the Linde Air Products Company, issued on December 13, 1911, registered to Dr. Carl von Linde and endorsed by him in his own hand on the reverse side Linde Air Products 1911.jpg
Stock certificate of the Linde Air Products Company, issued on December 13, 1911, registered to Dr. Carl von Linde and endorsed by him in his own hand on the reverse side

The company was founded by Carl von Linde as Linde Air Products Company in 1907. During the First World War, however, it was confiscated and in 1917, it joined with 4 other chemical companies under the name Union Carbide and Carbon Corporation , while maintaining a separate identity. [3] 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. [4] The name is derived from a combination of the Greek word "praxis", or practical application, and "air", the company's primary raw material. [5]

In August 2016 it was publicly announced that the American Praxair was in official negotiations to merge with the German Linde Group, which would form the world's largest gas supplier. [6] [7] [8] [9] The following month in September negotiations were halted and suspended indefinitely. [10] [11] [12] [13] By mid December 2016 Praxair had resumed negotiations with Linde for a potential merger. [14] [15] [16] [17] [18] In late December 2016 an official announcement was made that Praxair had reached an agreement to merge with Linde in a deal valued at $35 billion [19] with an overall merger value of $65 billion. [20] In April, 2017 Linde again rejected a request, from German private-investor association DSW, for a shareholder vote at its annual general meeting in May. [20] Nonetheless in May 2017, both companies reached a deal, in principle, for an all-share merger of equals valued at $75 billion, [21] to form a new holding company. [22] In early June 2017, both companies agreed to the merger. [23] US regulatory approval was obtained in October 2018, [24] after which the financial transaction was completed. As part of this merger, Praxair's European business was sold to Taiyo Nippon Sanso and rebranded Nippon Gases Europe. Upon completion of merger, it formed a new American German company Linde plc domiciled in Ireland and headquartered in Surrey for tax purposes. [25] [26] [27]

Related Research Articles

<span class="mw-page-title-main">Aerospace manufacturer</span> Company involved in manufacturing aircraft, aircraft parts, missiles, rockets, and/or spacecraft

An aerospace manufacturer is a company or individual involved in the various aspects of designing, building, testing, selling, and maintaining aircraft, aircraft parts, missiles, rockets, or spacecraft. Aerospace is a high technology industry.

<span class="mw-page-title-main">Infineon Technologies</span> Semiconductor manufacturing company

Infineon Technologies AG is Germany's largest semiconductor manufacturer.

<span class="mw-page-title-main">BOC (company)</span>

BOC Ltd is a British based multinational, industrial gas company, more commonly known as BOC, now a part of Linde plc. In September 2005, BOC had over 30,000 employees on six continents, with sales of over £10.6 billion. BOC was a constituent of the FTSE 100 Index and the FT 30. On 5 September 2006 the BOC Group became part of the Linde Group of Germany.

<span class="mw-page-title-main">PPG Industries</span> Global supplier of glass and chemical products

PPG Industries, Inc. is an American Fortune 500 company and global supplier of paints, coatings, and specialty materials. With headquarters in Pittsburgh, Pennsylvania, PPG operates in more than 70 countries around the globe. By revenue it is the largest coatings company in the world followed by AkzoNobel. It is headquartered in PPG Place, an office and retail complex in downtown Pittsburgh, and is known for its glass facade designed by Postmodern architect Philip Johnson.

<span class="mw-page-title-main">ThyssenKrupp</span> German multinational conglomerate steel corporation

ThyssenKrupp AG is a German industrial engineering and steel production multinational conglomerate. It resulted from the 1999 merger of Thyssen AG and Krupp and has its operational headquarters in Duisburg and Essen. The company claims to be one of the world's largest steel producers, and it was ranked tenth-largest worldwide by revenue in 2015. It is divided into 670 subsidiaries worldwide. The largest shareholders are the Alfried Krupp von Bohlen und Halbach Foundation and Cevian Capital. ThyssenKrupp's products range from machines and industrial services to high-speed trains, elevators, and shipbuilding. The subsidiary ThyssenKrupp Marine Systems also manufactures frigates, corvettes, and submarines for the German and foreign navies.

<span class="mw-page-title-main">Carl von Linde</span> German engineer and scientist

Carl Paul Gottfried von Linde was a German scientist, engineer, and businessman. He discovered a refrigeration cycle and invented the first industrial-scale air separation and gas liquefaction processes, which led to the first reliable and efficient compressed-ammonia refrigerator in 1876. These breakthroughs laid the backbone for the 1913 Nobel Prize in Physics that was awarded to Heike Kamerlingh Onnes. Linde was a member of scientific and engineering associations, including being on the board of trustees of the Physikalisch-Technische Reichsanstalt and the Bavarian Academy of Sciences and Humanities. Linde was also the founder of what is now known as Linde plc but formerly known (variously) as the Linde division of Union Carbide, Linde, Linde Air Products, Praxair, and others. Linde is the world's largest producer of industrial gases and ushered in the creation of the global supply chain for industrial gases. He was knighted in 1897 as Ritter von Linde.

<span class="mw-page-title-main">Linde plc</span> Largest global industrial gas producer

Linde plc is a global multinational chemical company founded in Germany and, since 2018, domiciled in Ireland and headquartered in the United Kingdom. Linde is the world's largest industrial gas company by market share and revenue. It serves customers in the healthcare, petroleum refining, manufacturing, food, beverage carbonation, fiber-optics, steel making, aerospace, material handling equipment (MHE), chemicals, electronics and water treatment industries. The company's primary business is the manufacturing and distribution of atmospheric gases, including oxygen, nitrogen, argon, rare gases, and process gases, including carbon dioxide, helium, hydrogen, ammonia, electronic gases, specialty gases, and acetylene.

<span class="mw-page-title-main">E.ON</span> Holding company

E.ON SE is a German multinational electric utility company based in Essen, Germany. It operates as one of the world's largest investor-owned electric utility service providers. The name originates from the Latin word aeon, derived from the Greek aion, which means age. The company is a component of the Euro Stoxx 50 stock market index, DAX stock index and a member of the Dow Jones Global Titans 50 index.

Bayerische Landesbank, also known as BayernLB, is a publicly regulated bank based in Munich, Germany and one of the six Landesbanken. It is 75% owned by the Free State of Bavaria and 25% owned by the Sparkassenverband Bayern, the umbrella organization of Bavarian Sparkassen. With a balance of €220 billion and 7,703 employees, it is the seventh-largest financial institution in Germany.

<span class="mw-page-title-main">Italcementi</span>

Italcementi is an Italian multinational company, quoted on the Borsa Italiana, which produces cement, ready-mix concrete and construction aggregates. In 2015, 45% of Italcementi was acquired by HeidelbergCement, together forming the world's second largest cement producer.

Douglas Holding was a German retail group based in Düsseldorf which included subsidiaries perfumery chain Douglas GmbH, confectionery chain Hussel, bookstore chain Thalia Buchhandel and women's fashion store chain AppelrathCüpper. After the takeover by financial investor Advent International, Douglas Holding was delisted in 2013 and the conglomerate was gradually split into its individual companies.

Innogy SE was an energy company based in Essen, Germany. It is now merged and integrated into German energy company E.ON.

<span class="mw-page-title-main">Perella Weinberg Partners</span> U.S.-based financial services firm

Perella Weinberg Partners L.P. is an American global financial services firm focused on investment banking advisory services.

Lincare Holdings Inc. Lincare Holdings Inc. (Lincare) is a wholly owned subsidiary of Linde PLC, headquartered in Clearwater, Florida. Lincare is leading the respiratory homecare industry by serving approximately 1.8 million patients nationwide Lincare operates from over 700 locations in 49 states across the United States and employs 11,000 people, including 1,300 licensed clinicians. Products and services provided by Lincare include, but are not limited to, oxygen, nebulizers, sleep apnea products, home INR testing, ventilator products, enteral therapy, and homecare respiratory therapy services. Additional products provided by Lincare are durable medical equipment, including wheelchairs, walkers, and hospital beds.

<span class="mw-page-title-main">Messer Group</span>

The Messer Group GmbH is a supplier of industrial gases. Business is focused on 30 European and Asian countries. The company headquarters are located in Bad Soden (Germany). The managing director of the family company is Stefan Messer, grandson of the company founder.

JAB Holding Company is a German conglomerate, headquartered in Luxembourg, that includes investments in companies operating in the areas of consumer goods, forestry, coffee, luxury fashion, animal health, and fast food, among others.

<span class="mw-page-title-main">GE Oil and Gas</span> Division of General Electric

GE Oil & Gas was the division of General Electric that owned its investments in the petroleum industry. In July 2017, this division was merged with Baker Hughes.

Nippon Sanso Holdings Corporation Japanese industrial gas manufacturer

Nippon Sanso Holdings Corporation, commonly known as NSHD, is a Japanese multinational industrial gas manufacturer incorporated in the year 1910 as Nippon Sanso Corporation. The company was founded in 1918.

INOX Air Products, also known as INOX AP, is the India-based industrial gas company. It is a joint venture between Inox Leasing and Finance Limited and Air Products & Chemicals. The company is engaged in the manufacturing, trading, and supply of industrial and medical gases including oxygen, nitrogen, argon, hydrogen, helium, nitrous oxide, acetylene, and specialty gas mixtures.

References

  1. ↑ "Praxair, Inc. 2017 Annual Report (Form 10-K)". sec.gov. U.S. Securities and Exchange Commission. January 2018.
  2. ↑ "Praxair Announces Name Change to Linde". Food Industry Executive. August 13, 2020.
  3. ↑ "Praxair, Inc." International Directory of Company Histories. Ed. Paula Kepos. Vol. 11. Detroit: St. James Press, 1995. 402-404
  4. ↑ "History".
  5. ↑ "2007 Annual Report" (PDF).
  6. ↑ Fontanella-Khan, James; Massoudi, Arash (16 August 2016). "Praxair makes move for German rival Linde" . ft.com. Archived from the original on 2022-12-11. Retrieved 23 August 2016.
  7. ↑ Iwasaki, Mariko (16 August 2016). "Praxair in Talks to Acquire Germany's Linde". TheStreet. Retrieved 23 August 2016.
  8. ↑ Stone, Mike; Hack, Jens (16 August 2016). "UPDATE 3-Gas supplier Praxair opens talks to buy Germay's [sic] Linde". CNBC . Archived from the original on 2016-09-13. Retrieved 16 August 2016.
  9. ↑ Stone, Mike; Hack, Jens (16 August 2016). "Gas suppliers Praxair, Linde hold merger talks". Reuters . Retrieved 16 August 2016.
  10. ↑ Henning, Eyk. "Praxair, Linde call a halt to merger talks".
  11. ↑ Arash Massoudi (September 12, 2016). "Praxair, Linde terminate $60bn merger after Linde disagreement" . Financial Times. Archived from the original on 2022-12-11.
  12. ↑ Henning, Eyk (12 September 2016). "Praxair and Linde Call Off $60 Billion Merger Talks". Wall Street Journal– via www.wsj.com.
  13. ↑ Sassard, Jens Hack (12 September 2017). "Linde, Praxair end $60 billion merger talks". Reuters.
  14. ↑ Henning, Eyk (7 December 2016). "Linde Resumes Merger Talks With Praxair". Wall Street Journal– via www.wsj.com.
  15. ↑ Vielma, Antonio José (29 November 2016). "Praxair reapproaches Linde to resume merger talks: Report". CNBC .
  16. ↑ "Linde CEO Resigns, Praxair Talks to Resume". 7 December 2016.
  17. ↑ Bray, Chad (7 December 2016). "Linde of Germany to Resume Merger Talks With Praxair". The New York Times.
  18. ↑ "Linde Accepts Praxair's Offer to Resume Merger Talks". 8 December 2016.
  19. ↑ "Praxair to Buy Linde for $35 Billion in Industrial-Gas Deal". Bloomberg. 20 December 2016 – via www.bloomberg.com.
  20. 1 2 Editorial, Reuters (11 April 2017). "Linde rejects request to vote on Praxair merger at AGM". Reuters.{{cite news}}: |first= has generic name (help)
  21. ↑ Poltz, Georgina Prodhan (2 June 2017). "Linde turns to winning over investors to Praxair merger". Reuters.
  22. ↑ "Potential Merger - The Linde Group". Archived from the original on 2017-05-19. Retrieved 2017-06-02.
  23. ↑ Poltz, Georgina Prodhan (June 2017). "Linde, Praxair agree $73 billion merger to create global gases leader". Reuters.
  24. ↑ "A new leader crowned: Praxair and Linde to complete $90bn merger of equals". 22 October 2018.
  25. ↑ "The New Linde".
  26. ↑ "Linde PLC Announces Satisfaction of Final Conditions to Close Business Combination between Linde AG and Praxair".
  27. ↑ "Praxair Europe turns into Nippon Gases Europe". Process Technology Online. May 7, 2019.


This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.