LEHIGH VALLEY, Pa.,
July 15 /PRNewswire-FirstCall/ -- Air
Products (NYSE: APD) today announced that INOX Air Products Ltd.,
its joint venture in India, has
signed a long-term contract with POSCO Maharashtra Steel Private
Limited (PMSPL) to supply on-site nitrogen and hydrogen gases to
its new facility located in Vile Bhagad, Maharashtra, Western India. PMSPL is a subsidiary of POSCO,
the world's fourth largest steel producer by output, and the site
will be POSCO's second steel galvanizing project outside of Korea
and the first investment for production in India.
INOX Air Products will build and operate a high purity nitrogen
plant and a steam methane reformer (SMR) hydrogen plant designed to
meet the specific requirements of PMSPL's facility in Maharashtra.
Both the nitrogen plant and the SMR are product offerings from Air
Products' PRISM® gas generation portfolio. The plants are expected
to come onstream in late 2011.
"The Maharashtra steel galvanizing facility is a major
investment for POSCO in India, and
we need a reliable and flexible gas supplier to support us," said
Mr. Jae Bong Kim, general manager of
PMSPL. "We are impressed by the global team effort of Air Products
and INOX Air Products. They understand our needs and have come up
with creative solutions for reliable and cost effective supply to
meet our requirements."
POSCO is already an Air Products customer at its home base in
Korea. The India plant, once
completed, will be POSCO's second facility to produce both hot-dip
galvanized and galvanealed sheets outside of Korea. Galvanized
steel is used in many outdoor, marine and industrial applications
due to its resistance to corrosion. The automobile industry is the
primary target market for PMSPL in India.
"We are honored to be selected as the gas supplier for this
important project. This is a highly strategic win for Air Products,
reflecting our capabilities to follow our global customers as they
enter the Indian market," said Bob
Dixon, senior vice president of Global Merchant Gases at Air
Products. "India is a high growth
market for Air Products. Through our joint venture partner INOX Air
Products, and using Air Products' superior technology and
cost-effective solutions, we are there to help our customers
succeed in the market place."
Air Products' PRISM line of gas generation systems supply
nitrogen, oxygen and hydrogen to more than 1,500 customers in over
30 countries worldwide. Air Products' on-site hydrogen SMR
offerings were enhanced by a technology acquisition in 2008 and
offer flows across a wide range of requirements with highly
efficient use of natural gas. Global markets currently served by
Air Products' entire PRISM line of gas generation systems include
glass, steel, electronics and semiconductors, non-ferrous metals,
metals processing, chemicals, food processing and packaging, and
energy production and processing.
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. In fiscal 2009, Air Products had revenues of
$8.3 billion, operations in over 40
countries, and 18,900 employees around the globe. For more
information, visit www.airproducts.com.
About INOX Air Products Ltd.
INOX Air Products Limited is a joint venture company in which
the Jain family (former owners of the Industrial Oxygen Company)
and Air Products hold an equal stake. Headquartered in Mumbai, INOX Air Products is one of the
largest manufacturers of industrial gases in India with 36 plants spread throughout the
country. The company has a workforce of approximately 1,200 and has
a turnover in excess of $130 million.
INOX Air Products Ltd. manufactures and supplies industrial gases
including oxygen, nitrogen, helium, argon, carbon dioxide,
hydrogen, and specialty gas mixtures throughout India.
More information can be found at: www.inoxairproducts.com.
***NOTE: This release may contain forward-looking statements.
Actual results could vary materially, due to changes in current
expectations.
SOURCE Air Products