The BOC Group
Encyclopedia : T : TH : THE : The BOC Group
The BOC Group is the official name of the multinational industrial gas company more commonly known as BOC. As of September 2004, BOC has over 30,000 employees on six continents, with sales of over £4.6 billion [BOC Report and Accounts 2005] . BOC is also the company's stock symbol on the London Stock Exchange. BOC is a constituent of the FTSE 100 Index. As of March 2006 it is in the process of being acquired by Linde of Germany (see below).
Business Activities
The BOC group has expanded beyond its industrial gas origins, and now operates in the following areas.
- The Process Gas Solutions (PGS) line of business supplies large product volumes by pipeline, on-site generation or cryogenic tanker.
- The Industrial and Special Products (ISP) line of business provides packaged gas, chemicals and related products and services. The gases involved are typically delivered in high pressure cylinders.
- BOC Edwards supplies the semiconductor industry with vacuum, chemical delivery and abatement systems and related services. It also supplies vacuum equipment to many industrial and scientific sectors.
- Gist provides logistics design, management and operation in a number of sectors including food, beverage and fashion retail
History
Brin's Oxygen Company, Ltd. was formed in 1886 by Arthur and Leon Brin. In the early days they manufactured oxygen using a high temperature barium oxide process developed from work by French scientist Jean Baptiste Boussingault. The main application for gaseous oxygen at this time was in connection with the limelight light sources used in magic lanterns and theatre lighting. A major new market emerged around 1903 with the development of the oxyacetylene welding process. Around the same time, new cryogenic air separation processes based on work by Carl von Linde and others replaced the barium oxide process, paving the way for larger scale and more efficient production. The company became the British Oxygen Company in 1906 and grew nationally and internationally through the following decades. In 1975 the company officially became BOC International Ltd, reflecting its success in developing business outside of Britain, and in products beyond oxygen. [BOC Group history] In early 2006, it was announced to employees that a brand new "Centre Of Excellence" is being developed in India. This results in the loss of almost 100 jobs throughout the world, including many in the Guildford UK office. It is said that, after an initial cost of £9 million, the move will save BOC around £3 million a year.
Takeover
In January 2006 the German industrial group Linde made a preliminary proposal to acquire BOC based on a £15 per share all-cash offer. This proposal was rejected by the BOC board of directors. In March 2006 Linde made a second proposal based on a £16 per share all-cash offer, valuing the company at £8.2bn ($14.4bn; 12bn euros). This offer has been recommended to shareholders by the BOC Board. Pending government and shareholder approval, completions is expected in the third quarter of 2006. [Reuters], 6 March 2006 [BBC], 6 March 2006References
External links
- Official site: http://www.boc.com
- Education section describing industrial gases and their uses: http://www.boc.com/education
- [Yahoo profile]
From Wikipedia, the Free Encyclopedia. Original article here. Support Wikipedia by contributing or donating.
All text is available under the terms of the GNU Free Documentation License See Wikipedia Copyrights for details.