MOSCOW (MRC) -- Air Liquide has sold its Industrial Merchant Business in Saudi Arabia to Abdullah Hashim Industrial Gases & Equipment, said Process-Worldwide.
With this deal, the company plans to focus on large industries and emerging new opportunities in clean hydrogen and energy transition in the GCC region especially Saudi Arabia.
Air Liquide has announced the sale of its Industrial Merchant business in Saudi Arabia to Abdullah Hashim Industrial Gases & Equipment Co., Air Products’ Merchant Industrial Gas Joint Venture in Saudi Arabia. This transaction includes Air Liquide’s share in Air Liquide Khafra Industrial Gases.
This divestment, which complements the sale announced in April of Air Liquide’s Industrial Merchant business in the United Arab Emirates and Bahrain to Air Products group, is immaterial with regards to the overall portfolio of Air Liquide in the Africa Middle East and India region. It is part of the Group’s strategy to regularly review its asset portfolio and focus on selected fast developing areas and activities.
As a consequence of this divestiture, the 228 employees of this activity are now integrated within the Abdullah Hashim Industrial Gases & Equipment Co. organization.
Air Liquide is well-positioned to further grow its already strong presence in the Gulf Cooperation Council (GCC) region, in particular in Saudi Arabia, in Large Industries and Healthcare businesses, and pursue the many opportunities emerging with clean hydrogen and energy transition.
We remind, Air Liquide confirms its intention to withdraw from Russia. Taking a responsible and orderly approach, the Group has signed a Memorandum of Understanding with the local management team with the objective to transfer its activities in Russia in the framework of an MBO (Management Buy Out). This project is notably subject to Russian regulatory approvals. In parallel, as a consequence of the evolution of the geopolitical context, the activities of the Group in Russia will no longer be consolidated starting September 1, 2022.