LEHIGH VALLEY, Pa.,
Jan. 9, 2018 /PRNewswire/ -- Air
Products (NYSE: APD) today announced an agreement to acquire
Royal Dutch Shell plc's (Shell's)
Coal Gasification Technology business as well as Shell's patent
portfolio for Liquids (Residue) Gasification. Financial terms are
not being disclosed, and the acquisition is expected to close in
the coming months.
As a leading industrial gas company, Air Products has extended
its onsite supply model to use coal gasification to generate
synthesis gas (syngas) for major projects. Acquiring Shell's
coal gasification process capabilities will further support
previously announced projects by Air Products, such as Lu'An in
Changzhi, Shanxi Province,
China, and future projects.
Shell has been at the forefront of gasification innovation over
the past 50 years. Gasification technologies offer a way to take
varied lower-value feedstocks and convert them in a lower-emission
manner into syngas. Air Products can then provide this syngas to
customers to make higher-value products.
"The acquisition of Shell's technology, already in operation at
more than 20 coal gasification plants, gives us access and
opportunities to fully explore outsourcing options to produce and
supply syngas for customers planning to use gasification," said
Seifi Ghasemi, chairman, president
and chief executive officer at Air Products. Ghasemi emphasized
this acquisition supports Air Products' continued focus on
providing a full scope of industrial gases, rather than a strategic
shift into technology licensing.
In addition, the two companies also have formed a strategic
alliance in Liquids Gasification to provide a range of solutions to
the market, including engineering, procurement and construction
activities and plant operations, as well as technology
licensing. Ghasemi said Air Products looks forward to an
important role as a project operating partner for the supply of
industrial gases in the strategic alliance and leveraging Shell's
technology lead in the liquids gasification area, as demonstrated
at the world-scale Jazan combined Gasification/Refinery project in
Jazan Economic City, Saudi
Arabia.
About Air Products
Air Products (NYSE:APD) is a
world-leading Industrial Gases company in operation for over 75
years. The Company's core industrial gases business provides
atmospheric and process gases and related equipment to
manufacturing markets, including refining and petrochemical,
metals, electronics, and food and beverage. Air Products is also
the world's leading supplier of liquefied natural gas process
technology and equipment.
The Company had fiscal 2017 sales of $8.2
billion from continuing operations in 50 countries and has a
current market capitalization of about $35
billion. Approximately 15,000 passionate, talented and
committed employees from a diversity of backgrounds are driven by
Air Products' higher purpose to create innovative solutions that
benefit the environment, enhance sustainability and address the
challenges facing customers, communities and the world. For more
information, visit www.airproducts.com.
About Royal Dutch Shell
plc
Royal Dutch Shell plc is
incorporated in England and
Wales, has its headquarters in
The Hague and is listed on the
London, Amsterdam, and New
York stock exchanges. Shell companies have operations in
more than 70 countries and territories with businesses including
oil and gas exploration and production; production and marketing of
liquefied natural gas and gas to liquids; manufacturing, marketing
and shipping of oil products and chemicals and renewable energy
projects. For further information, visit www.shell.com.
NOTE: This release may contain forward-looking statements
within the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
based on management's reasonable expectations and assumptions as of
the date of this release regarding important risk factors. Actual
performance and financial results may differ materially from
projections and estimates expressed in the forward-looking
statements because of many factors not anticipated by management,
including risk factors described in the Company's Form 10K for its
fiscal year ended September 30,
2017.
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SOURCE Air Products