Danbury industrial-gas supplier Praxair on Wednesday acquired a Scotland-based distributor for the offshore oil and gas industry.
The deal for Dominion Technology Gases Investment Ltd. is expected to generate $55 million in full-year sales providing diving, welding, industrial, laboratory, equipment and calibration gases to the offshore industry. The move adds 80 employees to Praxair’s oil and gas segment.
Financial terms were not disclosed. Dominion was majority-owned by Graphite Capital, a British private equity firm.
The acquisition gives Praxair a stronger foothold in the offshore market, which the company expects to grow significantly in the coming years, said Scott Kaltrider, vice president of helium and oil and gas services for Praxair.
