Industrial gas maker Praxair (PX +1.70%) announced today that it has acquired Dominion Technology Gases Investment, an offshore oil and gas industry gas provider, for an undisclosed sum.
Established in 1988 and based in Aberdeen, Scotland, Dominion supplies diving, welding, industrial, laboratory, and calibration gases and associated equipment to the offshore energy industry. With 80 employees, it is expected to generate revenues of $55 million in 2013.
Noting that the acquisition significantly expands its oil and gas related capabilities, Praxair VP for Helium and Oil and Gas Services Scott Kaltrider said: "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."
Praxair is the largest industrial gases company in North and South America, and one of the largest worldwide, with 2012 sales of $11 billion.
