Praxair sees second-quarter growth ahead of Linde merger
Praxair, the global industrial gases company based in Danbury, reported second-quarter net income of $406 million, including after-tax transaction costs of $15 million related to its proposed merger with Germany”™s Linde AG. Excluding that charge, adjusted net income was $421 million.
Praxair”™s sales for the quarter were $2.83 billion, a 6 percent increase over the second quarter last prior. Praxair officials said the sales increase was driven by higher volumes in North America, Europe and Asia.
Reported operating profit in the second quarter was $604 million, 3 percent above the same quarter in 2016. Excluding transaction costs, adjusted operating profit was $619 million, a 5 percent increase from last year.
Praxair Chairman and CEO Steve Angel called the proposed $74 billion Linde merger “an important milestone,” and said an update on progress, including the necessary regulatory approvals on both sides, would be delivered “in the coming months.”