Industrial gases company Praxair Inc. (NYSE: PX), Danbury, CT, has agreed to acquire Yara International ASA’s European CO2 business, along with Yara’s remaining 34 percent stake in the Yara Praxair Holding AS industrial gas joint venture in Scandinavia, for a combined €312 million (US$351.9 million).

In 2014, Yara’s European CO2 business sold approximately 850,000 metric tons of liquid CO2 and 50,000 metric tons of dry ice primarily to the food and beverage industries, and generated revenues of €112 million (US$126.3 million). The business operates five CO2 liquefaction plants, three large CO2 shipping vessels, seven shipping terminals and six dry ice production facilities across the UK, Ireland, Scandinavia, Northern Europe and Italy.

The Yara Praxair Holding AS joint venture, operating in Scandinavia and formed in 2007, had 2014 revenues of €145 million (US$163.6 million).