• Wesfarmers agrees to sell Coregas to Nippon Sanso Holdings Corporation
• Sale expected to generate $230-$260 million pre-tax profit
• Remaining Industrial and Safety businesses to continue executing strategies

Wesfarmers has announced that it has agreed to sell its Coregas business to a subsidiary of Nippon Sanso Holdings Corporation ('NSHD') for $770 million. Coregas is part of Wesfarmers' Industrial and Safety division and is one of Australia's largest manufacturers and suppliers of industrial gases. The business distributes industrial, medical and specialty gases across Australia and New Zealand. Upon successful completion of the transaction, Wesfarmers expects to report a pre-tax profit on sale of approximately $230 million to $260 million, subject to completion adjustments. The sale is subject to the receipt of certain consents and approvals, including from the Australian Competition and Consumer Commission and Foreign Investment Review Board. NSHD is the world's fourth-largest supplier of industrial, electronic and medical gases, operating in over 30 countries. Wesfarmers Managing Director Rob Scott stated that the agreement to sell Coregas delivers value for shareholders and recognizes the strong growth delivered by Coregas in the industrial gases markets. He also noted that the remaining businesses in the Industrial and Safety division will continue to execute their strategies to create shareholder value, with ongoing investment from Wesfarmers.

Excluding Coregas, the remaining businesses in the Industrial and Safety division generated earnings before tax of $72 million in the 2024 financial year.