Originally published Wednesday, July 1, 2009 at 10:04 AM
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Praxair subsidiary acquires coatings supplier
Praxair Surface Technologies Inc., a subsidiary of industrial gas maker Praxair Inc., has acquired a supplier of protective coatings for industrial and aviation gas turbines, Praxair said Wednesday
Praxair Surface Technologies Inc., a subsidiary of industrial gas maker Praxair Inc., has acquired a supplier of protective coatings for industrial and aviation gas turbines, Praxair said Wednesday
Praxair Surface Technologies purchased Sermatech International Holdings Corp. from Arsenal Capital Partners, a New-York private equity firm. Terms of the deal were not disclosed.
Sermatech, based in Pottstown, Pa., serves the aerospace, defense, power generation and oil and gas markets. Its slurries and coating processes extend component life and reduce maintenance costs by limiting degradation of metal parts. The business generated sales of $116 million in 2008 and has 625 employees, Praxair said.
Praxair Surface Technologies, reported sales of $575 million in 2008, it said.
Shares of the Danbury, Conn.-based Praxair rose 13 cents, to $71.20, in afternoon trading.
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