Wesfarmers (WES) will sell its 40% interest in the Western Australian-based industrial gas producer and supplier ALWA, as well as its associated interest in the Kwinana Industrial Gas Joint Venture (KIGJV).
In a statement to the Australian Securities Exchange, Wesfarmers said its chemicals, engineering and fertilisers division will sell the assets to Liquide Australia Ltd (Air Liquide) for a pre-tax profit of $95 million.
On completion of the sale, Air Liquide will own 100 per cent of ALWA and KIGJV.
Wesfarmers said the sale is subject to a number of conditions which are expected to be satisfied over the coming weeks.
Air Liquide and Wesfarmers formed the ALWA joint venture in 1965 to service the Western Australian market with industrial and medical gases, gas equipment and welding products.