Air Products buys Linde's Polish Unit

Air Products & Chemicals has signed a definitive agreement to acquire the Polish industrial gas producer BOC Gazy from the Linde Group for $481 million. BOC Gazy had 2006 sales of about $164 million and earnings before taxes, interest, depreciation, and amortization of approximately $50 million. It employs about 750 people and has five major industrial gas plants. Air Products CEO John P. Jones III says, "With manufacturing moving eastward in Europe and investment increasingly flowing in that direction, we intend to capitalize on the substantial growth potential in these markets." Linde was required to sell BOC Gazy as a result of its purchase of the BOC Group in September 2006.