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Nippon Sanso Holdings Corporation has sold its majority stake in Taiyo Gases Co., Ltd., a Thailand-based industrial gas distributor, as part of a broader strategic shift in its global and regional operations.

The Japanese industrial gases group said the 68% stake was held collectively through three of its entities鈥擭ippon Sanso Holdings Corporation, Nippon Sanso Holdings Singapore Pte. Ltd., and Siam Nippon Sanso Co., Ltd. The shares have been sold to Japan-based Tomoe Shokai Co., Ltd. and its affiliated companies, including Thai-Japan Gas Co., Ltd., which operates in Thailand. The transaction was completed on March 31, according to a company statement.

Taiyo Gases, headquartered in Bangkok and founded in 2016, supplies liquefied petroleum gas (LPG) and a range of industrial gases, including oxygen and nitrogen. The company was established to expand Nippon Sanso鈥檚 product offerings in Thailand and to complement the operations of Nippon Sanso (Thailand) Co., Ltd., which remains a separate and ongoing part of the company鈥檚 regional business.

Nippon Sanso said the decision to sell its stake in Taiyo Gases follows a strategic review of its business operations across Asia. The company said the sale is part of a larger effort to streamline its global asset portfolio and better align its operations with long-term strategic goals.

鈥淎fter reviewing the overall portfolio of the company鈥檚 Asian operations, it was decided that transferring Taiyo Gases鈥檚 business to Tomoe Group would align with the company鈥檚 new strategic direction,鈥� Nippon Sanso said in a written statement.

Tomoe Shokai is involved in a diverse range of business activities, including high-pressure gases, LPG, chemicals, industrial machinery and medical equipment. Its Thai affiliate, Thai-Japan Gas, also distributes high-pressure and sterilizing gases and is expected to expand its footprint in the Thai industrial gas market following the acquisition.

The sale comes just weeks after Nippon Sanso announced the cancellation of a hydrogen production project in the United States. The project, located in Mobile, Alabama, had been delayed and was designed to generate over 30 million standard cubic feet per day of hydrogen using renewable hydrocarbon feedstocks. The hydrogen was intended to supply Vertex Energy鈥檚 renewable diesel refinery via a dedicated pipeline.

Construction on the facility had already been paused, and the company ultimately determined that continuing the project was no longer feasible due to what it described as 鈥渞ecent changes in the business environment.鈥� As a result, Nippon Sanso will record a write-down of approximately $173 million in its full-year financial results.

The divestment of Taiyo Gases and the cancellation of the hydrogen facility underscore a broader strategic pivot for Nippon Sanso. The company appears to be focusing more narrowly on core markets and business lines that are better aligned with its revised operational and financial goals.