Praxair acquires shares of Baopu Company
Published on:2016-11-15 Click:232Praxair Praxair (hereinafter referred to as Praxair) has recently successfully acquired all shares of Shanghai Baosteel Praxair Praxair Praxair Co., Ltd. (hereinafter referred to as Baopu Company) from Baosteel Metals Co., Ltd., becoming the controlling shareholder of Baopu Company.
Baopu Company is a joint venture established in 1993 by Praxair, Baosteel Group and Shanghai Baoshan Yuepu Industrial Company. Baopu Company produces and sells more than 400 tons of liquid nitrogen, liquid oxygen and liquid argon per day, and has packaging gas production devices to provide products to the end markets such as metal processing, shipbuilding, wastewater treatment, electronics, chemical industry and medical care. Over the past 20 years, with the steady growth of liquid and packaging gas businesses, Baopu has become one of the largest industrial gas producers in Shanghai. After the acquisition, Baopu will be integrated into the East China area of Praxair China, so as to improve the operational efficiency.
"Praxair will continue to develop Baopu Company, further increase its packaging gas business, and use our application technology to improve our performance in the liquid market in Shanghai." Li Zhenmin, vice president of Praxair China East China, said, "We will continue to provide customers with * * * competitive industrial gas solutions."
Praxair is a Fortune 250 enterprise in the United States, a large industrial gas producer in North America and South America, and one of the largest industrial gas suppliers in the world. The company is committed to helping customers to obtain higher profits, improve production efficiency and environmental protection benefits. The customer industries are all over aerospace, chemical, food and beverage, electronics, energy, medical, manufacturing and metal. In 2014, Praxair's sales reached 12.3 billion US dollars.