US co buys Oxygen & Argon from FIMI for NIS 575m

Ishay Davidi

Air Products & Chemicals is acquiring Israel's largest manufacturer of industrial gases.

US company Air Products & Chemicals (NYSE: APD) is buying Israeli industrial gases manufacturer and distributor Oxygen & Argon Works for NIS 575 million from FIMI Opportunity Funds (FIMI) (51%) and private shareholders.

Oxygen & Argon Works is Israel's largest manufacturer of industrial gases including oxygen, hydrogen, helium, and argon. The company was founded in 1960 based on seven industrial gas manufacturers founded before the establishment of Israel in 1948. Air Products & Chemicals, which has a market cap of $55.7 billion, manufactures a diverse range of gases and chemicals for industry, and has small operations in Israel, so that the belief is that the acquisition will provide major growth opportunities for Oxygen & Argon.

FIMI acquired 51% of Oxygen and Argon in 2015 for NIS 180 million and is now selling its stake for NIS 293 million. With the dividends paid by the company n recent years, FIMI has made a profit of NIS 180 million - doubling its investment.

FIMI, founded in 1996 by CEO Ishay Davidi, announced earlier this week that it is raising NIS 1.2 billion for its seventh fund.

Published by Globes, Israel business news - en.globes.co.il - on February 12, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Ishay Davidi
Ishay Davidi
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