Praxair Buys Stake in Middle East Company
Industrial gases maker Praxair said on Monday it would buy a 49% stake in the ROC Group's gases businesses in three Middle Eastern countries from the Al Khaled family of Kuwait.
Financial details of the transaction for the operations in Kuwait, United Arab Emirates and Qatar were not released. The ROC Group's sales in those countries totaled about $80 million in 2009.
Praxair, which currently operates in the Middle East from offices in Abu Dhabi, plans to expand the ROC Group's operations, ROC Managing Director Hareth Al Khaled said in a statement. ROC Group currently operates in 12 countries in the Middle East.
Praxair shares showed no movement in premarket trading on the news. Those shares have rallied nearly 18% since the beginning of June, bringing their year-to-date gain to more than 8%.
