LEHIGH VALLEY, Pa.,
April 25, 2019 /PRNewswire/
-- Air Products (NYSE: APD) today announced it has been
awarded the on-site oxygen and nitrogen supply for POSCO Chemical's
new cathode material manufacturing complex being built in
Gwangyang, South Korea. POSCO
Chemical is an affiliate of POSCO Group, the largest integrated
steelmaker in Korea and one of the largest in the world.
Air Products has been supplying pipeline oxygen to POSCO
Chemical's existing site in Gumi for producing cathode materials
used in secondary batteries. To support POSCO Chemical's new
production line, Air Products will build, own and operate two air
separation units, which are scheduled to come on-stream in
2020.
"POSCO Chemical has been a strategic customer of Air Products,
and we are honored to have their continued confidence in our
capabilities to support their expansion into Gwangyang," said
Kyo-Yung Kim, president of Air
Products Korea. "Demand for secondary batteries in Korea continues
to increase sharply, which is in part fueled by the rapid growth of
electric vehicles and energy storage systems due to environmental
trends. Air Products will continue to look for opportunities to
bring reliable and efficient gas solutions to this burgeoning
industry."
Cathode materials are a major component of secondary batteries
and are critical for battery performance. These materials are
commonly used in devices, such as mobile phones, consumer devices,
energy storage systems, golf carts, electric bicycles and electric
vehicles.
The global leading steelmaker POSCO Group has been expanding its
business into the secondary battery industry. POSCO Chemical was
formed in April 2019 following the
merger between POSCO Chemtech and POSCO ESM—two affiliates of the
Group engaged in the production of key battery materials—which were
founded in 1963 and 2012, respectively.
About Air Products
Air Products (NYSE:APD) is a world-leading industrial gases
company in operation for over 75 years. The company provides
industrial gases and related equipment to dozens of industries,
including refining, chemical, metals, electronics, manufacturing,
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 2018 sales of $8.9
billion from operations in 50 countries and has a current
market capitalization of about $40
billion. Approximately 16,000 passionate, talented and
committed employees from diverse 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,
2018.
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SOURCE Air Products