Wesfarmers has agreed to sell its 40 per cent stake in industrial gas producer and supplier ALWA and its associated interest in the Kwinana Industrial Gas Joint Venture to Air Liquide Australia, booking a pre-tax profit of $95 million on the deal.
The transaction will give Air Liquide full ownership of both ALWA and the Kwinana gas joint venture.
ALWA was formed in 1965 as a joint venture between Air Liquide Australia and Wesfarmers to service the WA market with industrial and medical gases, gas equipment and welding products.
The business owns and operates an Air Separation Unit in Kwinana which produces oxygen, nitrogen and high purity argon for the WA and Northern Territory markets.
Wesfarmers shares were up 31 cents to $41.42 at 10.25am.