Praxair’s new Syngas plant in Geismar

On February 18, Praxair, the wholly owned subsidiary of Linde (LIN), announced that it completed the Syngas plant in Geismar, Louisiana. Incorporating the plant will increase the carbon monoxide supply in this region.

Praxair Started the New Syngas Plant in Geismar

The Geismar facility, which is integrated with a 90-mile pipeline from Baton Rouge to St. Charles, will have a capacity of 13 million cubic feet per day. Carbon monoxide is essential to cater to manufacturing polyurethane precursors and other specialty chemicals. The new plant will help meet the growing demand.

Dan Yankowski, Praxair’s president of the Global Hydrogen division, said, “Praxair has been an integral part of the Geismar chemical industry for over 50 years, and with this latest investment, we are demonstrating our commitment to remaining a reliable and efficient source of industrial gases in the region well into the future.”

Linde’s stock price update

Linde stock had a positive week with a gain of ~2.9% and closed at $173.5 for the week ending February 22. The gain in the stock price helped the stock to trade 8.1% above the 100-day moving average price of $160.48. Analysts see little upside from the current price and have provided a target price of $175.3. However, Linde’s 14-day relative strength index is at 70, which indicates that the stock has temporarily moved into an “overbought” position.

Investors looking to invest in Praxair indirectly could invest in the Materials Select Sector SPDR Fund (XLB), which invests 14.7% of its portfolio in Linde. The fund’s other holdings include LyondellBasell (LYB), FMC (FMC), and Albemarle (ALB) with weights of 4.3%, 1.9%, and 1.5%, respectively, as of February 22.

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