We first purchased Praxair in the summer of 2013. We were attracted to the company’s business model where they generate strong and profitable returns in the industrial gas industry. Although industrial gases represent a small portion of a customer’s cost structure, a reliable gas supply is critically important in many production processes. Therefore, major customers … Read more
The level of cash within the Core Equity composite is a direct function of valuation. As companies within the portfolio approach or exceed our current estimate of fair value, we reduce or eliminate the position. Ideally, there are existing opportunities within the current portfolio to recycle that capital or add new capital to existing positions. … Read more
Praxair is the largest industrial gas supplier in North and South America. The company also has growing operations in Asia as well as an established business in Europe. Praxair’s primary products in its industrial gases business are atmospheric gasses (oxygen, nitrogen, argon, rare gases) and process gases (carbon dioxide, helium, hydrogen, electronic gases, specialty gases, … Read more