Air Products (NYSE:APD)
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1 Year : From May 2018 to May 2019
LEHIGH VALLEY, Pa., Oct. 18, 2018 /PRNewswire/ -- Air Products (NYSE: APD), the world's leader in liquefied natural gas (LNG) technology and equipment, today held a dual celebration event at its Port Manatee, Florida LNG Manufacturing Facility. Air Products' employees, dignitaries and invited guests at the event witnessed the ribbon-cutting for a new LNG equipment test facility (ETF) and a groundbreaking for a facility manufacturing expansion project at the site.
"Air Products has a long and successful history of serving the needs of the LNG industry. We intend to remain the leaders in this industry and the events of today are designed with that intention. We already have the best performing liquefaction technology, have passed every customer performance test, and our products exceed customer expectations on output and longevity on a regular basis. We continue to invest in this business to continue to develop our product line and the ETF will allow us to do more testing and to evaluate improved product designs for the benefit of our customers. It is another example of our intent to maintain our leadership and stay ahead of the trends in this market," said Dr. Samir Serhan, executive vice president at Air Products.
The location of the ETF at the Port Manatee manufacturing facility consolidates Air Products' LNG investments at the Florida location. The ETF will allow for the collection of data to develop designs for the next generation of innovative Air Products' coil wound heat exchangers. To date, 116 large coil wound heat exchangers have been deployed by Air Products at LNG facilities throughout the world.
Air Products is also increasing the manufacturing capacity of the facility at Port Manatee by over 50 percent and held a groundbreaking for the expansion project. The use of LNG continues to increase around the world with strong energy demands in growing economies.
"We are committed to always providing the best-in-class equipment and technology to the LNG industry and to never missing a delivery and exceeding all customer expectations in terms of performance and efficiency. We want customers in the LNG market around the world to know that we are adding production capacity to this location right now so that we are prepared and not limited in our manufacturing capability when new LNG plant opportunities are announced and developed," said Serhan.
Air Products dedicated its Port Manatee facility in January 2014 and rolled out its first LNG heat exchanger from the facility in September 2016. In addition to LNG heat exchangers, the Port Manatee facility also builds other specialty cryogenic and gas processing equipment for a wide range of other industrial markets.
Air Products' proprietary technology, vital to helping meet the world's increasing energy needs and desire for clean energy, processes and cryogenically liquefies valuable natural gas for consumer and industrial use. For over 50 years Air Products has manufactured LNG heat exchangers operated in 20 countries around the world.
Typically, an LNG heat exchanger can be as large as over 15 feet in diameter and 180 feet long, or about two-thirds of the size of a football field. A finished unit can weigh as much as 500 tons.
Air Products' LNG process technology and equipment is the heart of an LNG production plant. The technology, in place at some of the most remote locations around the world, takes natural gas and unlocks its value by liquefying it and making it possible to economically ship it. The LNG is eventually re-gasified for energy use.
A majority of total worldwide LNG is produced with Air Products' technology. In support of the LNG industry, Air Products provides process technology and key equipment for the natural gas liquefaction process for large export plants, small and mid-sized LNG plants, floating LNG plants and LNG peak shavers. Upstream, Air Products provides both nitrogen and natural gas dehydration membrane systems for offshore platforms. Downstream, Air Products provides membrane nitrogen generators for LNG carriers, and land-based membrane and cryogenic nitrogen systems for LNG import terminals and baseload LNG plants.
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.
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.
EDITOR'S NOTE: A downloadable photo of Air Products' new LNG equipment test facility is available in the company's online News Center.
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SOURCE Air Products