Lab Canada

BOC to acquire Air Products` packaged gases in Canada

Windlesham, UK March 21, 2003 The BOC Group has announced that its subsidiary, BOC Canada Limited, has agreed to purchase the Canadian packaged gas and related welding equipment business of Air Products. The purchase price will be approximately C$60 million in cash, which will be funded through local borrowings. An additional $5 million could become payable if certain performance conditions are achieved over the next three years.

The acquisition is subject to various conditions including approval from local regulatory authorities.

The acquisition of Air Products’ business will add approximately C$70 million to BOC’s existing compressed gas business in Canada, the company says. It will add four filling plants and 25 branch and administrative locations and BOC will be able to provide products and services to more customers over a wider area.

BOC has been operating in Canada since the early 1950s, first as Canadian Oxygen Limited before changing the name to BOC Canada Limited in 1996.

“We are impressed with the Air Products business in Canada, and are pleased to purchase these facilities and welcome to BOC the employees who work at these sites," says Tony Isaac, chief executive of The BOC Group. "The acquisition reinforces BOC’s commitment to the Canadian market and will enable us to provide a wider range of products and services.”