LEHIGH VALLEY, Pa.,
Oct. 29, 2019 /PRNewswire/
-- Air Products (NYSE:APD) today confirmed that it is in final
negotiations to form a joint venture with Saudi Aramco, ACWA Power
and Air Products Qudra to acquire the gasification, power and
industrial gas assets at Jazan Economic City, representing a total
investment value of about $11.5
billion.
Air Products' confirmation follows an announcement made
today by Saudi Aramco at the Future Investment Initiative in
Riyadh, Saudi Arabia and builds on
Air Products' initial announcement about this world-class
project.
Air Products looks forward to concluding negotiations and
expects to close on the transaction by the end of calendar 2019.
Air Products will provide additional comments on its upcoming
fiscal fourth quarter earnings call on Thursday, 7 November 2019 and further details about the
project following financial close.
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 $50
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.
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SOURCE Air Products