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Praxair

Praxair is one of four large industrial gas producers in the world. The company produces atmospheric, process and specialty gases, high-perfromance coatings and related services and technologies. Business segments are organized geographically into: North America, Europe, South America, Asia, and Surface Technologies. (18 Jul 2018)

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Transcript: 2018 IG & Crossover Conf-Basics Panel

Transcript: 11 Dec 2018, 5:51 AM ET - We present a transcript of the Basic Industries Panel discussion given at the CreditSights Investment Grade & Crossover conference on December 4, 2018.
Focused

LIN/PX Merger: Conditional Approval from the FTC

Worth Watching: 22 Oct 2018, 10:22 PM ET - LIN/PX Merger Update: The FTC has granted a conditional approval for the Linde/Praxair merger subject to further asset divestitures. In addition to the assets Linde had already agreed to divest in July 2018, the FTC requires the sale of furthe ..

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 
Focused

LIN/PX Merger: EU Grants Conditional Approval

Worth Watching: 20 Aug 2018, 11:28 PM ET - LIN/PX Merger Update: Linde and Praxair received a conditional approval from the EU for their proposed €45 bn merger. The European Commission's approval is conditional on the sale of Praxair's entire EU gas business, the transfer of Praxair's s ..

Linde 2Q18: Good Results; Preparing for Merger

Earnings Note: 25 Jul 2018, 8:34 PM ET - Linde reported a strong 2Q18 on the back of an especially strong performance of the Engineering division and solid growth in the Americas segment of the Gases division. We maintain a M/P recommendation on the credit.
Focused

Linde: NA Divestments, paves way for PX Approval

Worth Watching: 16 Jul 2018, 9:15 PM ET - Linde (A2/A+) announced on Monday that it has agreed to sell a large part of its North and South American business to the Messer Group for $3.3 bn as the company seeks to appease regulatory concerns regarding its pending merger with Praxair (A2 ..
Focused

Praxair 1Q18: Project Startups + Organic Growth

Earnings Note: 03 May 2018, 12:33 AM ET - A combination of underlying business growth and new project startups led to a double digit revenue and EBITDA growth. Every major end-market grew, led by chemicals, electronics and metals. 

Linde 1Q18: Looking Past FX - Solid Fundamentals

Earnings Note: 30 Apr 2018, 2:30 PM ET - Linde benefited from some organic growth in the Gases division on the back of volume growth and slight tailwinds from natural gas price effects while battling increasingly strong headwinds in the form FX effects

Bayer: EC Approves Monsanto Deal, DOJ Remains

Worth Watching: 22 Mar 2018, 10:07 PM ET - Bayer 's (A3/A-) $66 bn acquisition of Monsanto (A3/BBB) was conditionally approved by the European Commission on Wednesday. The regulator's concerns surrounding competition and innovation following the merger seem to have been successfully addr ..

Linde 4Q17: FX Weighs on Results, Merger Updates

Earnings Note: 12 Mar 2018, 2:19 PM ET - The Praxair merger regulatory process looks set to be more ardious than expected, while FX will continue to weigh on results heading into 2018. Linde will look to increase Capex as it seeks to bolster its on-site business in the Gases unit.

Tronox: EU Pauses Review of Cristal Merger

HY Note: 28 Feb 2018, 4:52 AM ET - The EU Commission paused its review of the Tronox/Cristal merger until it receives additional information from the two companies.  Although some may be alarmed, it is a fairly regular component of the EU Phase 2 process.

Section 232: The NAFTA Conundrum

Sector Analysis: 26 Feb 2018, 3:42 AM ET - Using Section 232 on Steel/Aluminum could damage supplier chains and cost structures and drive broader inflation.  A tariff gambit in such key industries could undermine the NAFTA negotiations and have immediate effects on risk pricing. 

Chemicals Outlook 2018 (Part 6): Petrochemicals

Sector Outlook: 01 Feb 2018, 4:07 AM ET - A significant amount of ethylene derivative capacity is expected to continue to come online throughout 2018, pressuring prices and margins. Companies will attempt to counter the incoming capacity headwinds with rising plant utilization.
Focused

Praxair 4Q17: Good PMI Trends, Backlog Improving

Earnings Note: 25 Jan 2018, 11:46 PM ET - PX is benefiting from positive manufacturing trends around the world, however, it has not to kept pace with competitor Air Products' recent efficiency initiatives, leading the company to fall to second place in operational excellence.

Chemicals 2018 Outlook (Part 5): Chlor-Alkali

Sector Outlook: 25 Jan 2018, 10:35 PM ET - With investment in chlor-alkali capacity effectively non-existent and positive manufacturing and construction trends around the globe, we expect operating rates around the world to rise in the medium term. 

Chemicals 2018 Outlook (Part 4): Fertilizers

Sector Outlook: 24 Jan 2018, 11:05 AM ET - The fertilizers' industry remains oversupplied and we expect the trend to persist over the next twelve months. Stable prices are expected as new capacity is coupled with supply management.
Focused

Chemicals 2018 Outlook (Part 3): Industrial Gases

Sector Outlook: 21 Jan 2018, 10:14 PM ET - Improving PMI trends not only in North America, but also globally, bode well for Industrial Gas demand in 2018 and will perhaps help mark an end to the protracted period of decline in gas project backlogs.

Chemicals 2018 Outlook (Part 2): The Majors

Sector Outlook: 18 Jan 2018, 10:53 PM ET - M&A is still key within the Majors names as DWDP begins to deliver its promised synergies, Bayer looks to close the Monsanto deal, and BASF continues to opportunistically pick up assets, while riding momentum from its Chemical Segment.

Chemicals 2018 Outlook (Part 1): Specialty Chems

Sector Outlook: 17 Jan 2018, 11:12 PM ET - M&A is likely to play a large role for Specialty Chem names in 2018 as they seek exposure to higher margin products and emerging markets while rising raw materials costs may make it tricky for margins to navigate the year unscathed.

Olin 3Q17: Chlor-Alkali Drives Growth

Earnings Note: 31 Oct 2017, 7:42 PM ET - We reiterate our Outperform recommendation on Olin due to the positive trends in Chlor-Alkali Vinyls (CAV) as well as the near term focus on reducing leverage.

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