Linde Bangladesh Limited announced the sale of its welding electrodes business to ESAB Group, a multinational industrial company. The sale involves 13.82 crore shares and awaits shareholder approval in an extraordinary general meeting on June 23. Linde Bangladesh’s electrode segment contributed Tk259.76 crore, over 53% of its total revenue in 2022, which amounted to Tk487 crore. The company faced declining electrode sales since 2019 due to volatile international raw material prices and increased competition. Financially, revenue fell by 3% to Tk361.86 crore in the first nine months of 2023, with a net profit decrease of 35% to Tk48.53 crore during the same period. The decision to sell aligns with Linde’s strategy to focus on its gas business, following a High Court order last year to demerge its hard goods business.
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