Exhibit 99.1

Praxair Reports Fourth-Quarter and Full-Year 2010 Results

• Fourth-quarter sales of $2.6 billion, 9% above prior-year quarter; adjusted diluted EPS of $1.25, up 15%*
• Full-year sales of $10.1 billion, up 13% from 2009; adjusted diluted EPS of $4.74, up 19%*
• Return on capital for the year of 14.4%*
• Return on equity for the year of 26.4%*
• Full year 2011 diluted EPS guidance of $5.25 to $5.40

DANBURY, Conn.--(BUSINESS WIRE)--January 26, 2011--Praxair, Inc. (NYSE: PX) reported fourth-quarter net income and diluted earnings per share of $133 million and 43 cents, respectively. These results were reduced by $255 million, or 82 cents of diluted earnings per share, related primarily to the previously announced Spanish income tax settlement. Excluding this impact, adjusted net income and diluted earnings per share were $388 million and $1.25, 14% and 15% above the prior-year quarter, respectively.*

Sales in the fourth quarter were $2,623 million, up 9% from $2,407 million in the previous year’s quarter, due to 8% volume growth. Sales increased across all geographic regions due primarily to electronics, manufacturing, energy and metals markets. Sales rose 3% sequentially from the third quarter due to higher volumes and positive currency effects. Reported operating profit in the fourth quarter was $505 million. Adjusted operating profit of $563 million was 10% above the prior-year quarter due to higher volumes and cost reduction.*

For the full year of 2010, reported net income was $1,195 million. Reported diluted earnings per share was $3.84. Adjusted net income was $1,476 million, up 18% from adjusted 2009 net income. Adjusted diluted earnings per share was $4.74, 19% above the adjusted diluted earnings per share of the prior year.*

Full-year sales were $10,116 million, up 13% due primarily to higher volumes. Reported operating profit was $2,082 million. Adjusted operating profit of $2,167 million was 15% above 2009, largely due to volumes and continued leverage from productivity and cost reduction programs.*

For the full year, cash flow from operations was $1,905 million, including the Spanish income tax settlement payment of $481 million. Capital expenditures were $1,388 million. Acquisition expenditures were $148 million, related primarily to the acquisition of an ownership interest in industrial gas businesses in the Middle East. The company paid $551 million of dividends and repurchased $404 million of stock, net of issuances.

Commenting on the financial results and business outlook, Chairman and Chief Executive Officer Steve Angel said, “Our global business turned in a strong performance in 2010. We achieved record operating profit by leveraging the strong recovery in volumes and new plant start-ups along with ongoing productivity and cost reduction. We continued to invest in capital projects for future growth and established a presence in two growing geographies, Russia and the Middle East.

“As we look forward, we expect our project backlog to grow as a result of the significant number of opportunities we are seeing in energy and emerging markets. We continue to augment our base business growth with application technologies that improve our customers’ processes. We will maintain our intense focus on productivity, project execution and capital discipline. We expect to continue to generate strong cash flow which will fund new projects around the world and return cash to our shareholders in the form of dividends and share repurchases.”

For the first quarter of 2011, Praxair expects diluted earnings per share in the range of $1.23 to $1.28.

For the full year of 2011, Praxair expects sales in the area of $11 billion. The company expects diluted earnings per share to be in the range of $5.25 to $5.40. Full-year capital expenditures are expected to be in the range of $1.5 to $1.8 billion, and the effective tax rate is forecasted to remain at about 28%.

Following is additional detail on fourth-quarter 2010 results by segment.

In North America, fourth-quarter sales were $1,310 million up 11% from the prior-year quarter. Volumes were 9% above the prior year largely attributable to higher sales to electronics, chemicals, energy and manufacturing markets. Operating profit of $311 million grew 19% from the prior year due to higher volumes and strong operating leverage and productivity.

In Europe, fourth-quarter sales were $339 million. Excluding negative currency effects, sales were 6% above the prior year due primarily to higher volumes. Operating profit was $68 million in the quarter, compared to $76 million in the prior-year due to currency effects partially offset by higher volumes.

In South America, fourth-quarter sales were $516 million. Sales were 12% above the prior-year quarter primarily due to higher volumes and higher price. Operating profit was $114 million as compared to $111 million in the prior-year period.

Sales in Asia were $308 million in the quarter up 12% from the prior-year quarter driven by strong growth in China, India, and Korea. Sales growth came from metals, manufacturing, electronics and chemical customers. Operating profit was $50 million, 19% above the prior-year quarter, primarily due to higher volumes.

Praxair Surface Technologies had fourth-quarter sales of $150 million compared to $141 million in the prior-year quarter. Sales growth came from higher jet engine and industrial coatings volumes. Operating profit was $20 million in the quarter versus $22 million in the prior-year period due to a pension settlement charge and restructuring costs.

Praxair is the largest industrial gases company in North and South America, and one of the largest worldwide. The company produces, sells and distributes atmospheric and process gases, and high-performance surface coatings. Praxair products, services and technologies bring productivity and environmental benefits to a wide variety of industries, including aerospace, chemicals, food and beverage, electronics, energy, healthcare, manufacturing, metals and others. More information on Praxair is available on the Internet at www.praxair.com.

*See the attachments for calculations of non-GAAP measures. Fourth-quarter and full-year 2010 results are adjusted to exclude the previously announced Spanish tax settlement and other charges. Full-year 2009 results are adjusted to exclude the impact of the Brazil tax amnesty program and other charges.

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Attachments: Non-GAAP Reconciliations, Statements of Income, Balance Sheets, Statements of Cash Flows, Segment Information, Quarterly Financial Summary, and Appendix: Non-GAAP Measures.

A teleconference on Praxair’s fourth-quarter results is being held this morning, January 26, at 11:00 am Eastern Time. The number is (617) 614-2706 -- Passcode: 82620372. The call also is available as a web cast at www.praxair.com/investors. Materials to be used in the teleconference are also available.

This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s reasonable expectations and assumptions as of the date the statements are made but involve risks and uncertainties. These risks and uncertainties include, without limitation: the performance of stock markets generally; developments in worldwide and national economies and other international events and circumstances; changes in foreign currencies and in interest rates; the cost and availability of electric power, natural gas and other raw materials; the ability to achieve price increases to offset cost increases; catastrophic events including natural disasters, epidemics and acts of war and terrorism; the ability to attract, hire, and retain qualified personnel; the impact of changes in financial accounting standards; the impact of changes in pension plan liabilities; the impact of tax, environmental, healthcare and other legislation and government regulation in jurisdictions in which the company operates; the cost and outcomes of investigations, litigation and regulatory proceedings; continued timely development and market acceptance of new products and applications; the impact of competitive products and pricing; future financial and operating performance of major customers and industries served; and the effectiveness and speed of integrating new acquisitions into the business. These risks and uncertainties may cause actual future results or circumstances to differ materially from the projections or estimates contained in the forward-looking statements. The company assumes no obligation to update or provide revisions to any forward-looking statement in response to changing circumstances. The above listed risks and uncertainties are further described in Item 1A (Risk Factors) in the company’s Form 10-K and 10-Q reports filed with the SEC which should be reviewed carefully. Please consider the company’s forward-looking statements in light of those risks.