Praxair, Inc. (PX), Tuesday said its subsidiary, Praxair Surface Technologies acquired Sermatech International Holdings from the New-York-based private equity firm Arsenal Capital Partners. Financial terms of the transaction were not disclosed. Following the acquisition, Sermatech and its employees will be integrated into Praxair Surface Technologies' global operations.
Sermatech, a supplier of protective coatings and advanced processes on industrial and aviation gas turbines, is involved in aerospace, defense, power generation and oil and gas businesses. Sermatech with operations in the U.S., Canada, the United Kingdom, Germany and South Korea generated sales of $116 million in 2008, and has a workforce of 625 employees.
The Danbury, Connecticut-based company expects Sermatech's high-performance slurries, along with its diffusion and thermal-spray coating processes to extend component life and reduce maintenance costs as it limits degradation of metal parts at high temperatures.
Commenting on the acquisition, Mark Gruninger, president, Praxair Surface Technologies said, "The addition of Sermatech coatings to our offerings, particularly its signature SermeTel slurry-based product, further strengthens Praxair Surface Technologies' ability to serve customers in our target end markets. "
PX is currently trading at $71.69, up $0.62 or 0.87%, on a volume of 0.648 million shares on the NYSE.
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