DANBURY, Conn. - Praxair, Inc. announced that it is acquiring a 50 percent interest in Yara International ASA of Norway’s industrial gases business in Scandinavia.
The planned joint venture would initially comprise Yara’s existing industrial gases businesses located in Norway, Denmark and Sweden. The venture would operate under the name Yara Praxair AS and would be based in Oslo, Norway. Specific terms of the agreement were not disclosed.
“Combining the strong market position and name recognition that Yara enjoys in Scandinavia with Praxair’s operational expertise and technology offerings, particularly in the areas of energy and environmental applications, creates a very compelling partnership,” said Steve Angel, chairman and CEO of Praxair, Inc. “One area of particular interest is combining our technology and experience in enhanced oil recovery projects for certain North Sea oilfields. Also, considering the broad global reach of both organizations, we fully expect there to be additional collaborative ventures in other parts of the world in the future,” Angel added.