Yahoo Finance Air Liquide (AIQUY) to Divest Some Operations in Africa
L'Air Liquide SA AIQUY has signed a deal with Adenia to sell some of its operations in the 12 African countries. These operations generate revenues of around €60 million ($65 million), accounting for less than 10% of the group's sales in Africa.
The proposed sale, which is subject to standard regulatory and financial approvals, exemplifies Air Liquide's approach to aggressively managing its portfolio. The operations that are being sold are situated in Benin, Burkina Faso, Cameroon, Congo, Côte d'Ivoire, Gabon, Ghana, Madagascar, Mali, Democratic Republic of Congo, Senegal and Togo.
Adenia, a well-known investor in Africa for more than 20 years, intends to contribute up to €30 million ($32.7 million) to accelerate the growth of these companies.
Air Liquide will remain a major industrial and medical gases player in Africa, with approximately 1,600 employees and 700 million euros invested in the last three years. The company will continue to pursue development opportunities, particularly in the fields of energy transition, hydrogen and healthcare.
Positioned in new markets, the group benefits from key assets such as its strong business model, innovation and technology knowledge. The group explores solutions for climate and energy transition, particularly using hydrogen, and works to advance healthcare, digital and high technology.
Shares of Air Liquide have gained 31.7% over the past year against a 4.5% decline of its industry.
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Zacks Rank & Key Picks
Air Liquide currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the basic materials space include Denison Mines Corp. DNN, Carpenter Technology Corporation CRS and Hawkins, Inc. HWKN.
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Carpenter Technology currently carries a Zacks Rank #1. CRS beat the Zacks Consensus Estimate in three of the last four quarters while matching it once, with the average earnings surprise being 12.2%. The company’s shares have soared 63.7% in the past year.
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