Linde Says to Pull Out of Iran

German group Linde will halt all business operations in Iran due to political developments there, the world's number-two industrial gases producer said on Monday.

"We have already decided months ago not to do any new business there in Iran," a company spokesman said. "In the light of the political developments in the past weeks, we have decided meanwhile to completely stop all activities in Iran."

A growing number of oil companies, trading houses and other international companies have stopped business with Iran this year amid a U.S.-led drive to isolate the country and international efforts to impose tougher sanctions.

German companies such as carmaker Daimler, engineering conlomerate Siemens, and insurers Munich Re and Allianz have already announced similar moves.

Linde last year generated €39 million ($50 million) sales from Iran, around 0.3% of overall group sales. The spokesman said current activities in Iran were limited to servicing and delivering spare parts to industrial plants.