Credit: Shutterstock photoIndustrial gas producer and supplier Praxair Inc.PX remains keen on improving its offerings to better serve its large global client base, and this time it focused on the meat and poultry industry. The company recently introduced and commercially installed a cryogenic liquid nitrogen injection system for cooling meat-mixing processes. The news led to positive market reactions, with the company's share price rising 2.2% since Oct 21.
The new injection system, popularly known as ColdFront™ CryoBlend™, increases the efficiency of nitrogen injection by 30% compared with traditional systems.
A couple of days prior, Praxair announced that it has increased its air separation liquefaction capabilities in the Utah area to meet the growing demand for liquid nitrogen and oxygen in the region. The company will primarily serve customers in the food, aerospace and refining industries. Praxair anticipates completing the project by first-quarter 2017.
We believe such expansionary initiatives will help Praxair suitably cater to the growing demand for its world-class products and services. Also, increasing use of industrial gases in manufacturing, transportation, healthcare, food & beverages, and metal fabrication industries will prove to be a boon for industrial gas producers. However, despite bright prospects, certain near-term headwinds continue to weigh on Praxair's performance. The stock currently carries a Zacks Rank #3 (Hold) with a market capitalization of $31.6 billion.
Praxair is slated to release third-quarter 2015 results on Oct 29, 2015 before the market opens. The Zacks Consensus Estimate for the quarter is pegged at $1.44 per share.
Better-ranked stocks in the chemical diversified industry include Celanese Corp. CE , Albemarle Corp. ALB and Koppers Holdings Inc. KOP . While Celanese sports a Zacks Rank #1 (Strong Buy), both Albemarle and Koppers carry a Zacks Rank #2 (Buy).
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PRAXAIR INC (PX): Free Stock Analysis Report
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
