Air Products Buys Back Air Separation Units From Shanxi Jinmei Huayu

Date : 07/24/2019 @ 2:52PM
Source : Dow Jones News
Stock : Air Products and Chemicals Inc (APD)
Quote : 237.29  0.0 (0.00%) @ 9:48AM

Air Products Buys Back Air Separation Units From Shanxi Jinmei Huayu

Air Products and Chemicals (NYSE:APD)
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By Michael Dabaie

 

Air Products & Chemicals Inc. (APD) said it completed the buyback of two air separation units from Shanxi Jinmei Huayu Coal Chemical Co. Ltd., a subsidiary of Chinese coal mining conglomerate Shanxi Jincheng Anthracite Coal Mining Group.

Industrial gases company Air Products said it also started supplying oxygen, nitrogen and other industrial gases via pipeline under a long-term supply agreement to Jinmei Huayu's major coal-to-clean fuels project in Jincheng City, Shanxi Province, China.

Air Products supplied two ASUs--with a total capacity of over 4,000 tons per day--for Jinmei Huayu's Phase One energy project in Jincheng. The two companies then actively explored further cooperation opportunities and later signed an agreement for Air Products to buy back the two ASUs for about $100 million and provide Jinmei Huayu with long-term industrial gas supply.

 

Write to Michael Dabaie at michael.dabaie@wsj.com

 

(END) Dow Jones Newswires

July 24, 2019 10:37 ET (14:37 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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