Air Products and Babcock Brown Launch Equipment Remarketing Venture
February 26 2007 - 12:00PM
PR Newswire (US)
LEHIGH VALLEY, Pa., Feb. 26 /PRNewswire-FirstCall/ -- Air Products
(NYSE:APD) and international investment and advisory firm Babcock
& Brown (ASX:BNB) today jointly announced the signing of an
equipment refurbishment and remarketing agreement. Under the terms
of the agreement, semiconductor equipment owned by or consigned to
Babcock & Brown's U.S. based subsidiary Babcock & Brown
Electronics Management (BBEM) will be refurbished by Air Products
at its state of the art clean room and refurbishment facility in
Chandler, Arizona. The repair and refurbishment will be performed
prior to resale, and will result in high-quality used equipment
that meets customers' exacting requirements for reliability and
refurbishment to the most recent configuration possible. In many
cases, tool refurbishment will be performed with the involvement of
the Original Equipment Manufacturer (OEM) in line with the business
practices of both Air Products and Babcock & Brown. Mike
Herman, a senior executive with BBEM stated, "The agreement between
Air Products and Babcock & Brown will result in the
availability to the semiconductor industry of very high-quality
used and refurbished equipment. This will in turn minimize the risk
to customers in acquiring used equipment. The combined resources of
Air Products and BBEM further strengthen the BBEM strategy of
becoming a global supplier of semiconductor capital equipment and
of maximizing cost efficiency and ROI at all stages of equipment
life. "Air Products' legacy tool service business and our
experience in refurbishing, repairing, decommissioning and
relocating tools makes this new venture a natural fit," said
Corning Painter, vice president, Electronics, at Air Products. "We
service more than 1,000 tools worldwide and will use that
experience to provide the highest quality and most reliable
refurbished equipment." About Air Products Air Products (NYSE:APD)
serves customers in industrial, energy, technology and healthcare
markets worldwide with a unique portfolio of atmospheric gases,
process and specialty gases, performance materials, and equipment
and services. Founded in 1940, Air Products has built leading
positions in key growth markets such as semiconductor materials,
refinery hydrogen, home healthcare services, natural gas
liquefaction, and advanced coatings and adhesives. The company is
recognized for its innovative culture, operational excellence and
commitment to safety and the environment and is listed in the Dow
Jones Sustainability and FTSE4Good Indices. The company has annual
revenues of $9 billion, operations in over 40 countries, and over
20,000 employees around the globe. For more information, visit
http://www.airproducts.com/. About Babcock & Brown Babcock
& Brown is a global investment and advisory firm with
longstanding capabilities in structured finance and the creation,
syndication and management of asset and cash flow-based
investments. Babcock & Brown was founded in 1977 and is listed
on the Australian Stock Exchange. Babcock & Brown operates from
23 offices across Australia, North America, Europe, Asia, United
Arab Emirates and Africa and has in excess of 810 employees
worldwide. Babcock & Brown has five operating divisions
including real estate, infrastructure and project finance,
operating leasing, structured finance and corporate finance. The
company has established a funds management platform across the
operating divisions that has resulted in the creation of a number
of focused investment vehicles in areas including real estate,
renewable energy and infrastructure. For further information about
Babcock & Brown please see: http://www.babcockbrown.com/. About
Babcock & Brown Electronics Management (BBEM) The Electronics
Management division of Babcock & Brown offers to semiconductor
manufacturers innovative financial products that ease up-front
capital cost and commercially manage equipment from fab acceptance
to end of life. Certain BBEM products guarantee a future value for
semiconductor equipment regardless of the application, and provide
fiscal certainty in the rapidly changing world of semiconductor
manufacturing. For individual tools or whole fabs, BBEM products
ensure maximum cost efficiency and maximum ROI at all stages of
equipment life. BBEM offers to semiconductor manufacturers
financial products and equipment that enable access to critical
technology at minimum financial risk. ***NOTE: This release may
contain forward-looking statements. Actual results could vary
materially, due to changes in current expectations. DATASOURCE: Air
Products CONTACT: Media Inquiries: Robert Brown of Air Products,
+1-610-481-1192, or ; or John Cossins of BBEM, +1-480-893-4545, or
; or Investor Inquiries: Nelson Squires of Air Products,
+1-610-481-7461, e-mail: Web site: http://www.airproducts.com/
http://www.babcockbrown.com/
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