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$PX signed a long-term contract with an electronics manufacturer in Shanghai, China. $PX will build, own and operate multiple air separation plants that will supply high-purity nitrogen & oxygen to EverDisplay Optronics (EDO), the first mass producer of 4.5-generation AMOLED displays in China. EDO will invest more than US$4.1Bil in its new project.
$PX expanded its long-term hydrogen supply agreement with Motiva Enterprises LLC. $PX will increase the amount of hydrogen it supplies to Motiva's about 600,000 barrel per day refinery in Port Arthur, Texas. This agreement secures the additional hydrogen required to support that expansion, as well as the ongoing needs of the refinery.
Linde plc said the proposed business combination between $PX and Linde AG received unconditional antitrust clearance in Russia. Linde plc is a newly incorporated public limited company formed on April 18, 2017, that will become the parent company of $PX and Linde AG upon the completion of the business combination.
Industrial gas company $PX received a long-term contract to supply various gases to China-based Shanghai Huali Microelectronics Corporation, a subsidiary of Huahong Group. As per the deal, Praxair will build and operate two air separation plants that will provide nitrogen to Shanghai Huali’s new production base in Shanghai, starting early 2018.
$PX's shareholders approved the business combination with Linde AG at $PX's special meeting of shareholders. This approval completes a key milestone in combining two leading companies in the global industrial gas industry under a new holding company named "Linde plc". The business combination is expected to be completed in 2H18.
$PX has issued a correction to the previously announced ex-dividend date for payment of the third quarter dividend, changing it to September 7, 2017, from September 6, 2017. The 78.75-cents dividend is payable on September 15, 2017. The correction is in line with the recent NYSE rule change relating to determination of dividend dates.
$PX announced the start-up of a new air separation plant to supply 700 tons per day of nitrogen to Samsung’s display manufacturing complex in Tangjeong, South Korea. This is its third plant supporting the facility. The company has been supplying Samsung’s display operations with nitrogen, oxygen, argon, helium and other gases since 2005.
Linde AG and $PX agreed to come together under a new holding company through an all-stock merger of equals transaction. Linde shareholders will be offered 1.54 shares in the new holding company for each Linde share, and $PX shareholders will receive one share in the new holding company for each $PX share.
$PX reached an agreement in principle on the terms and conditions of a Business Combination Agreement with Linde AG pursuant to which the companies would combine their businesses in a merger of equals under a new holding company through an all-stock transaction. The BCA is subject to approvals by Boards of Directors of both companies.
$PX said its Praxair Surface Technologies (PST) subsidiary received a long-term contract from Rolls-Royce. Over the 10-year contract, PST will apply its Tribomet abrasive coatings to rotating components in jet engines of wide-body aircraft. The project will begin in mid-2017.
$PX started up a hydrogen facility that will recover by-product streams from $DOW's Freeport, Texas operations. Under a long-term contract, $PX is supplying high-purity hydrogen back to $DOW in order to meet its needs across Southeast Texas. Also, the hydrogen will be used by $PX to help supply increasing customer demand in the region