Air Products (NYSE:APD)
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1 Month : From Oct 2018 to Nov 2018
By Patrick Thomas
Air Products and Chemicals Inc. (APD) said Monday it reached a deal to buy General Electric Co.'s (GE) gasification business.
Terms of the deal weren't disclosed. The acquisition includes over 1,000 patents relating to GE's gasification technology.
Pennsylvania-based Air Products, which sells gases and chemicals for industrial uses, said the deal expands its product offerings and its presence in global gasification projects.
The acquisition includes GE's share of a joint venture with a China Energy Group subsidiary. The venture, formed in 2011, provides technologies for gasification projects in China.
About 50 employees from GE and the joint venture are expected to join Air Products, the company said.
The GE business acquisition and other recently completed deals give "Air Products a broad range of product and service offerings and solutions to provide syngas for chemicals, fuels, power or refining," Air Products Chief Executive Seifi Ghasemi said in a prepared statement.
The sale is the latest divestiture GE has announced. This year, GE, which replaced its chief executive last month, has reached agreements to sell its transportation business, a portfolio of energy investments and its intelligent platforms division among other moves. The company has also said it would spin off its health unit and pare down its stake in oil-field services company Baker Hughes.
Last week, the company slashed its dividend and revealed plans to split its struggling power division, among the first moves GE CEO Larry Culp is taking to restructure the manufacturing conglomerate.
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(END) Dow Jones Newswires
November 05, 2018 13:57 ET (18:57 GMT)
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