| Munich, 13 May 2008 - The technology group The Linde Group has acquired 51 percent of the shares in the family-owned industrial gases company SIGAS (Saudi Industrial Gas Co. ltd.). Terms of the transaction were not disclosed. Closing of the acquisition will take place following approval from the relevant Saudi Arabian regulatory authorities.
"We are delighted to be entering into this partnership with one of the leading industrial gas companies of the dynamic Saudi Arabian market", explained Dr Aldo Belloni, member of the Executive Board of Linde AG. "This geographical expansion of our gases business combined with the strong presence of our Engineering Division in the whole Arabian Peninsula will fundamentally strengthen our position in a highly attractive region and demonstrates our commitment to the area."
SIGAS, which employs about 400 people, is the second biggest industrial gases company in Saudi Arabia and achieved sales of around 28 million euro in the 2007 financial year. The industrial gases market in Saudi Arabia is expected to grow by more than 10 percent per annum. |
