LEHIGH VALLEY, Pa.,
March 1, 2012 /PRNewswire/
-- Air Products (NYSE: APD) announced plans today for two new
significant investments in Russia,
continuing the company's strategy of investment in growth regions.
Air Products will construct and operate an over 200 ton per day
oxygen, nitrogen and argon liquefier and cylinder gases depot in
Krasny Sulin in the Rostov region,
which has a well-established manufacturing base, strong historic
growth rate and very promising development forecasts. The total
value of both investments is over USD $30
million (over EUR 25 million).
Both the liquefier and packaged gases depot are expected to be
on-stream in early 2014.
"We are continually looking for opportunities that allow us to
strengthen our position in growth regions. Air Products is
interested in viable commercial opportunities across Russia, including the Rostov region, as we
firmly believe this geography has long-term growth potential. The
liquefier and depot will allow us to supply both liquid and
packaged gases to the merchant market and support our onsite
customers," commented Robert Mills,
General Manager, Russia and
Commonwealth of Independent States (CIS) at Air Products.
The new Air Products' liquefier and cylinder gases depot will
allow the Company to supply liquid and packaged gases to the metal,
glass, food, chemical and refining industries in the Rostov and
surrounding regions.
"We are pleased that the Rostov regional administration
recognizes the need for industrial gases to support manufacturing
and economic growth in the region. This is where Air Products – as
an integrated gas supplier – can utilize our core technology and
product strengths from other geographies to help develop the
region's industrial gas market and meet the growing demand," Mills
said.
Air Products' investments in the liquefier and packaged
gases depot are to be implemented under the framework of the
Memorandum of Collaboration (MoC) signed with the Administration of
the Rostov region in Russia in
October 2010. The MoC provides a
cooperative and constructive basis for both parties to work
together and develop collaborative activities.
"Air Products has demonstrated itself to be a reliable partner
and shown a clear commitment to the Rostov region. By signing
the Memorandum - under which the company is implementing their
investments - sends a significant message to other investors:
Rostov Oblast welcomes large projects that can benefit from the
huge potential possessed by the Don territories," said Vasily Golubev, the Governor of Rostov Oblast,
on the decision.
This investment in Rostov follows a previously announced
agreement signed with Sibur Voronezhsintezkauchuk, a leading
Russian petrochemicals company, in September
2010 for the construction and operation of an air separation
unit (ASU) to support Sibur's manufacturing processes. This ASU is
expected to be on-stream by July
2012.
About Air Products
Air Products (NYSE: APD) provides atmospheric, process and
specialty gases; performance materials; equipment; and technology.
For over 70 years, the company has enabled customers to become more
productive, energy efficient and sustainable. More than 18,000
employees in over 40 countries supply innovative solutions to the
energy, environment and emerging markets. These include
semiconductor materials, refinery hydrogen, coal gasification,
natural gas liquefaction, and advanced coatings and adhesives. In
fiscal 2011, Air Products had sales of $10.1
billion. 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,
2011.
SOURCE Air Products