Air Products and Chemicals Inc (APD) announced a definitive agreement to buy a 67% majority stake in Indura S.A. for $884 million/CLP 451 billion.
Air Products expects the deal to improve its growth opportunities in the region and be accretive to its earnings per share in fiscal 2013. It is expected to close by early July. According to the company, by taking a majority stake in Indura, it will extend its Latin American presence to 12 countries, enabling the company to benefit from greater economies of scale and a large talent pool to service multinational customers in more markets.
John McGlade, chairman, president and chief executive officer, commented, "Air Products' investment in Indura continues our strategy to expand our global presence in high growth regions with strong local partners. This is a winning partnership offering double-digit growth with solid returns."
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