Sibur-Russian Tyres divests Volzhsky Azot gas business
US-based industrial gases company Praxair, Inc. has entered into an agreement to acquire Sibur-Russian Tyres’ industrial and packaged gases business in the Volgograd Region of the Russian Federation. The business operates under the name Volzhsky Azot and includes two air separation units and a bulk and packaged gas business. Financial terms of the agreement were not disclosed.
“The acquisition of Volzhsky Azot gives Praxair additional assets and distribution capabilities to accelerate the company toward its goal of becoming the leading industrial gas manufacturer in the area of Volgograd and throughout southern Russia,” said Todd Skare, president of Praxair Europe. “Sibur- Russian Tyres’ professionalism, commitment to sound business practices and operational excellence are well aligned with our own. We intend for this transaction to be the first of many opportunities for Praxair to work with the companies that are part of Sibur’s diverse businesses.”
“We believe the deal will allow Volzhsky Azot to reach a new level of business development,” added Dmitry Sokov, chief executive officer of Sibur-Russian Tyres. “And we are happy to partner with the leading industry player.”