A unit of Praxair Inc. has acquired Dominion Technology Gases Investment Ltd., a global supplier of diving, welding, industrial, laboratory and calibration gases and equipment to the offshore oil and gas industry.
Praxair, based in Danbury, said the May 29 acquisition will give it a stronger foothold within the offshore oil and gas market. According to Praxair, Dominion is expected to generate about $55 million in sales for 2013.
Dominion is based in Aberdeen, Scotland, and had been majority-owned by a U.K. private equity firm. Financial terms of the transaction were not disclosed.
“With significant growth forecasted in offshore oil and gas exploration and production, we look forward to building on this outstanding service platform and significantly expanding growth through Praxair”™s global footprint,” Scott Kaltrider, vice president, helium and oil and gas services for Praxair, said in a prepared statement.
Praxair, which is among the world’s largest providers of industrial gases, said it would retain Dominion’s 80 employees.
