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PRAXAIR HOLDS FIRST ANNUAL MEETING

 DANBURY, Conn., May 25 /PRNewswire/ -- Praxair, Inc. (NYSE: PX), the worldwide industrial gases company, held its first annual meeting here today. Formerly Union Carbide Industrial Gases Inc. and known as Linde in North America, Praxair was spun off as an independent, publicly traded company on June 30, 1992.
 Four board members were re-elected to three-year terms: John A. Clerico, vice president, treasurer and chief financial officer for Praxair; John J. Creedon, director and retired president and chief executive officer of Metropolitan Life Insurance Company; Dale F. Frey, vice president and treasurer of General Electric Company, and president of General Electric Investment Corporation; and Dr. Benjamin F. Payton, president of Tuskegee University.
 In his report, H. William Lichtenberger, Praxair's chairman and chief executive officer, summarized 1992 achievements, citing successful execution of one of the largest spinoffs in corporate history, record sales, and, in view of the state of economies around the world, satisfactory earnings.
 Lichtenberger also outlined business strategies aimed at achieving Praxair's aggressive five-year financial goals: grow net income by 15 percent per year; maintain return on equity above 15 percent; and lower its debt-to-capital ratio to 50 percent or lower.
 The company's strategy to improve the business is being driven by an Accelerated Quality Implementation initiative launched in late 1992, involving worldwide employee teams that are conducting a comprehensive assessment aimed at simplifying major work processes.
 "These teams are chartered to literally change the way work is done at Praxair, to make us even more competitive in serving customers and reducing costs -- two requirements imposed by the realities of the 1990's marketplace," Lichtenberger said.
 Adding value for customers through technology and applications development also is an important business strategy. "We develop technologies that are seen by our customers as enhancing their productivity, increasing their energy efficiency, improving product quality, and solving their environmental issues," said Lichtenberger.
 "While we strive for continuous improvement to generate greater cash flow, we are investing for future long-term growth," Lichtenberger concluded. "This involves targeting our capital investments toward specific customer needs as they arise, and expanding to new geographies where economic growth is greatest." During 1992, the company extended its presence into the People's Republic of China, Indonesia and Argentina, while strengthening its existing market positions in Brazil, Canada, Europe, Korea, Mexico and the U.S.
 Praxair, Inc., is the largest industrial gases supplier in North and South America, and one of the largest worldwide, with 1992 sales of $2.6 billion. The company also is a leading worldwide supplier of ceramic and metallic coatings and powders.
 -0- 5/25/93
 /CONTACT: Carmen Ashe of Praxair, Inc., 203-794-5558/
 (PX)


CO: Praxair, Inc. ST: Connecticut IN: SU:

TS -- NY055 -- 2164 05/25/93 12:23 EDT
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Publication:PR Newswire
Date:May 25, 1993
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