Air Products to acquire major stake in Indura
Air Products has signed an agreement to buy a 67% stake in Chile-based Indura for CLP 451bn ($884m).
The move is expected to help Air Products extend its presence in 12 Latin American countries and also position the company as the second largest industrial gas producer in the region.
Invesa, a holding company of the Briones family and a controlling shareholder of Indura, will be an important partner in the investment, according to Air Products.
John McGlade, Air Products president and chief executive officer, said Air Products' investment in Indura continues the company's strategy to expand its global presence in high growth regions with strong local partners.
"This is a winning partnership offering double-digit growth with solid returns," McGlade said.
Invesa chairman Hernán Briones Goich said joining Air Products will position Indura to benefit from the technologies, experience and best practices of a successful global player in the industrial gases industry.
"This will allow us to leverage our market knowledge and long-term relationships we have established in Latin America," Goich added.
The agreement, which is subject to certain closing conditions, is expected to be finalised by early July 2012.