UNION CARBIDE INDUSTRIAL GASES INCREASES STAKE IN ITALIAN AND SPANISH GASES VENTURES
UNION CARBIDE INDUSTRIAL GASES INCREASES STAKE
IN ITALIAN AND SPANISH GASES VENTURES
DANBURY, Conn., Jan. 16 /PRNewswire/ -- Union Carbide Industrial Gases Inc. (UCIG) today announced that it has increased investments in its gases ventures in Italy and Spain.
UCIG, EniChem, S.p.A., and Flow Fin have announced a change in the respective share ownership of their joint venture, Italiana Gas Industriali, S.p.A. (IGI) of Milan. In response to EniChem's decision to reduce its investment in sectors not pertaining to its "core chemical businesses," UCIG and Flow Fin, the financial holding company of the Sestini Group, have increased their interests in IGI to 55.5 percent and 37 percent, respectively. UCIG's previous share was 37.5 percent. EniChem retains a 7.5 percent share in IGI, as a confirmation of its interest in further developing the existing synergies between industrial gases and its chemical businesses.
In its Spanish gases venture, Argon, S.A., UCIG now holds slightly above 50 percent of the shares. Both Argon and IGI in Italy will be consolidated in 1991 and beyond.
UCIG President Ed Hotard said, "These developments further confirm our company's commitment to the industrial gases business in Europe and our plans to increase participation in industrial gases markets worldwide."
In Italy, the industrial gases group composed of IGI and Societa Italiana Acetilene e Derivati, S.p.A. (SIAD) in Bergamo (owned jointly by UCIG and the Sestini Group) ranks second among producers and distributors of industrial and specialty gases in the Italian market. with annual sales of 350 billion lire (US$300 million).
UCIG announced that Adriano Caprara will continue as IGI president and Giorgio Baccaria as managing director. Flow Fin announced that Roberto Sestini will remain as president and managing director of SIAD.
Sestini stated, "This agreement, which represent a further confirmation of the great value of technological and commercial cooperation with UCIG, will nevertheless continue to benefit from the ongoing association with EniChem."
In Spain, the combination of Argon, S.A. and the wholly owned Union Carbide Iberica, S.A. ranks second among industrial gases suppliers.
Union Carbide Industrial gases, Inc., presently a subsidiary of Union Carbide Corporation (UCC) (NYSE: UK), is to be spun off from UCC and become a freestanding company within the next four to six months. It ranks as one of the three largest industrial gas companies in the world with 1990 consolidated sales of $2.4 billion and sales of about $3 billion when including the sales of companies it carries at equity.
/CONTACT: J.D. Secor of Union Carbide Industrial Gases, 203-794-5548/
(UK) CO: Union Carbide Industrial Gases Inc. ST: Connecticut IN: CHM SU: CK-TS -- NY027 -- 0399 01/16/92 10:10 EST