ALLENTOWN, Pa. (AP) - Air Products & Chemicals Inc. is buying a majority stake in Chilean industrial gas company Indura SA for $884 million.
Air Products & Chemicals, which sells specialty gases and equipment to industrial and commercial clients, said Tuesday that the buyout will strengthen its presence in South America and add to its earnings per share in fiscal 2013.
The company's 67 percent stake in Indura will make Air Products & Chemicals the second-biggest industrial gas producer in Latin America.
Indura, which is based in Santiago, Chile, has more than 20 plants and more than 2,300 workers, with $478 million in annual revenue. The company operates in Argentina, Chile, Colombia, Ecuador, Mexico and Peru and has a distribution network in Central America, Bolivia, Canada, the U.S. and Uruguay.
"Air Products' investment in Indura continues our strategy to expand our global presence in high growth regions with strong local partners," Chairman, President and CEO John McGlade said in a statement.
The acquisition is expected to close by early July.
Air Products shares rose $1.46, or 1.8 percent, to $81.06. They are about 13 percent since early April.