Praxair Inc. (NYSE: PX), Danbury, CT, reported sales for 2016 of $10.5 billion, a 2 percent decrease from 2015. Profit decreased 3 percent to $1.5 billion.
Sales for the fourth quarter were $2.6 billion, a 2 percent increase from the same period a year ago. Profit for the quarter decreased 3.4 percent to $406 million.
In North America, fourth-quarter sales were $1.4 billion, down 2 percent from the prior-year quarter. Sales growth from higher pricing and stronger volumes to metals, food and beverage and healthcare customers were more than offset by weaker volumes in energy and manufacturing end-markets.
In Europe, fourth-quarter sales were $351 million, 9 percent above the prior-year quarter. In South America, sales increased 18 percent to $352 million. Sales in Asia were $395 million in the quarter, 1 percent below the prior year quarter.
Praxair Surface Technologies had fourth-quarter sales of $149 million, down 2 percent from the prior-year quarter.
“We completed our carbon dioxide acquisition in Europe which will strengthen our food and beverage growth platform and began the PST joint venture with GE on aircraft coatings which we expect will triple the size of that business in a few years,“ said CEO Steve Angel. "The year culminated in a non-binding agreement in principal to merge with Linde. We view this as a compelling opportunity to create substantial value for stakeholders."
