The Linde Group has acquired 51 per cent of the shares in the privately-owned industrial gases company, Saudi Industrial Gas Company  Limited (Sigas), a leading player in the Saudi Arabian industrial gas market.

The Linde Group is a leading gases and engineering company with more than 50,000 employees working in around 100 countries worldwide.

In the 2007 financial year, Linde Group had achieved sales of 12.3 billion euros ($19 billion).

The acquisition is pending approval from the relevant regulatory authorities, a Sigas statement said.

“We are delighted to become part of the Linde Group, one of the world’s leading gases and engineering companies. The partnership will enhance the Company's strong position in the Saudi market, and facilitate the Company's expansion plans, said the statement.

Timothy S. Gray, CEO of HSBC Saudi Arabia Limited, which acted as the Sole Financial Advisor to Sigas, said this was a landmark event in the long history of Sigas, 'which will significantly enhance its capability to pursue exciting opportunities in the fast-growing industrial gases market.”

Established in 1955 and with a current workforce of approximately 400 employees, Sigas is one of the leading players in Saudi Arabia’s industrial gas market and holds a significant market share in all product categories.

Sigas manufactures bulk, industrial, medical and specialty gases; supplies refrigerant gases of various grades; and imports and distributes various welding consumables, oxy-fuel equipments, accessories and safety products.-TradeArabia News Service