DOW JONES NEWSWIRES Air Products & Chemicals Inc. (APD) agreed to sell its homecare business in Belgium, Germany, France, Portugal and Spain to Linde AG (LNEGY, LIN.XE) for EUR590 million as it focuses on its core gases business. The industrial-gas maker is also evaluating options for its remaining homecare interests in the U.K., Ireland, Argentina and Brazil. The business has 850 employees and generated about EUR210 million in revenue from 260,000 patients last year. "With the more recent trends towards concentrators and non-oxygen therapies, we feel it is no longer a natural fit with our core gases business," said Air Products Chairman and Chief Executive John McGlade. Linde said it had 2010 homecare sales of about EUR280 million and it expects the acquisition to improve its position in the European respiratory homecare business. The company, which said it is the second largest supplier of medical gases and related services, had total 2010 sales of EUR12.87 billion. Air Products reported in October its fiscal fourth-quarter earnings rose 19% as higher volume growth in Asia and double-digit gains in three out of four segments helped boost revenue 11%. But the company gave a downbeat fiscal first-quarter earnings forecast citing global economic and policy uncertainties. Shares of Air Products and Linde closed Friday at $86.32 and $14.95, respectively. Both stocks were inactive premarket. -By Melodie Warner, Dow Jones Newswires; 212-416-2283; melodie.warner@dowjones.com
