Air Products Buying Chilean Gases Firm

Air Products & Chemicals is buying a 67% stake in Indura, Latin America’s largest independent supplier of industrial gases, for $884 million, from Invesa, a holding company owned by Chile’s Briones family. Air Products forecasts that Latin America will experience double-digit annual growth in industrial gases over the coming decade. During the 12 months ending in March, Indura earned $102 million before taxes on $478 million in revenues. Air Products says the purchase will give it $1.5 billion in annual revenues in Latin America, making it the second-largest industrial gases firm in the region. Rival Praxair has about $2.3 billion in revenues in South America alone. Invesa has an option to sell Air Products its remaining stake in Indura in about five years.