Praxair China Signs Agreement

Earlier this week, Praxair China Investment Co., Ltd, Chinese unit of Praxair, Inc. (PX - Analyst Report) signed a multi-year agreement with MAGI Solar Energy Technology Co., Ltd. to supply bulk and process gases for its solar cell and module manufacturing facility, located in the Jiangsu Yixing Economic Development Zone, Jiangsu Province. MAGI uses advanced processing technology to manufacture high efficiency, high quality monocrystalline solar cells and modules.
 
Praxair is well-positioned to serve the rapidly growing China solar market with the comprehensive offering of gas products and reliable supply network.
 
Praxair (China) Investment Co., Ltd is a leading industrial gas provider in China. It is headquartered in Shanghai, has 18 wholly owned companies, 10 joint ventures and over 1200 employees in the country. Praxair is the largest industrial gases company in North and South America, and one of the largest worldwide. However, low natural gas prices have hurt the company’s top-and bottom-line results in the third quarter of 2009, which is likely to continue for the next couple of quarters.
 
Nevertheless, the auto, steel and chemical industries have announced a significant number of plant start-ups in the second half. Moreover, going forward management expects its pipeline of new business to remain strong. For the fourth quarter, Praxair expects earnings per share in the range of $1.05 to $1.10. For the full year, Praxair expects sales to be about $9 billion and adjusted earnings per share to be in the range of $3.96 to $4.01. Full-year capital expenditures are expected to be about $1.4 billion. Thus, the company will be in a better position in the medium term.

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