Praxair
Praxair, Inc. is an American worldwide industrial gases company. It 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.
Subsidiary of Linde plc | |
ISIN | US74005P1049 |
Industry | Chemicals |
Founded | 1907 |
Founder | Carl von Linde |
Headquarters | Danbury, Connecticut, United States |
Area served | Worldwide |
Key people | Steve Angel (Chairman, President, & CEO) |
Products | Industrial gases |
Revenue | |
Total assets | |
Total equity | |
Number of employees | 26,461 (January 2020) |
Parent | Linde Group |
Website | www |
Footnotes / references [1] |
History
The company was founded by Carl von Linde as Linde Air Products Company in 1907. In 1917, it joined with 4 other chemical companies under the name Union Carbide and Carbon Corporation, while maintaining a separate identity.[2] 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.[3] The name is derived from a combination of the Greek word "praxis", or practical application, and "air", the company's primary raw material.[4]
In August 2016 it was publicly announced that the American Praxair was in official negotiations to merger with the German Linde Group, which would form the world's largest gas supplier.[5][6][7][8] The following month in September the negotiations were halted and suspended indefinitely.[9][10][11][12] By mid December 2016 Praxair had resumed negotiations with Linde for a potential merger[13][14][15][16][17] In late December 2016 an official announcement was made that Praxair had reached an agreement to a merger with Linde in a deal valued at $35 billion[18] with an overall merger value of $65 billion.[19] 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.[19] Nonetheless in May 2017, both companies reached a deal, in principle, for an all-share merger of equals valued at $75 billion,[20] to form a new holding company.[21] In early June 2017, both companies agreed to the merger.[22] US regulatory approval was obtained in October 2018,[23] after which the financial transaction was completed.
References
- "Praxair, Inc. 2017 Annual Report (Form 10-K)". sec.gov. U.S. Securities and Exchange Commission. January 2018.
- "Praxair, Inc." International Directory of Company Histories. Ed. Paula Kepos. Vol. 11. Detroit: St. James Press, 1995. 402-404
- "History".
- "2007 Annual Report" (PDF).
- Fontanella-Khan, James; Massoudi, Arash (16 August 2016). "Praxair makes move for German rival Linde". ft.com. Retrieved 23 August 2016.
- Iwasaki, Mariko (16 August 2016). "Praxair in Talks to Acquire Germany's Linde". TheStreet. Retrieved 23 August 2016.
- Stone, Mike; Hack, Jens (16 August 2016). "UPDATE 3-Gas supplier Praxair opens talks to buy Germay's [sic] Linde". CNBC. Retrieved 16 August 2016.
- Stone, Mike; Hack, Jens (16 August 2016). "Gas suppliers Praxair, Linde hold merger talks". Reuters. Retrieved 16 August 2016.
- Henning, Eyk. "Praxair, Linde call a halt to merger talks".
- "Subscribe to read".
- Henning, Eyk (12 September 2016). "Praxair and Linde Call Off $60 Billion Merger Talks" – via www.wsj.com.
- "Linde, Praxair end $60 billion merger talks". 12 September 2017 – via Reuters.
- Henning, Eyk (7 December 2016). "Linde Resumes Merger Talks With Praxair" – via www.wsj.com.
- Vielma, Antonio José (29 November 2016). "Praxair reapproaches Linde to resume merger talks: Report".
- "Linde CEO Resigns, Praxair Talks to Resume". 7 December 2016.
- Bray, Chad (7 December 2016). "Linde of Germany to Resume Merger Talks With Praxair" – via NYTimes.com.
- "Linde Accepts Praxair's Offer to Resume Merger Talks".
- "Praxair to Buy Linde for $35 Billion in Industrial-Gas Deal". 20 December 2016 – via www.bloomberg.com.
- Editorial, Reuters. "Linde rejects request to vote on Praxair merger at AGM".
- http://uk.reuters.com/article/us-linde-m-a-praxair-idUKKBN18T0HS
- "Potential Merger - The Linde Group". Archived from the original on 2017-05-19. Retrieved 2017-06-02.
- http://uk.reuters.com/article/uk-linde-m-a-praxair-idUKKBN18S5YB
- "A new leader crowned: Praxair and Linde to complete $90bn merger of equals".