Air Products and Chemicals (NYSE:APD)
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6 Months : From Jul 2019 to Jan 2020
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.
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(END) Dow Jones Newswires
July 24, 2019 10:37 ET (14:37 GMT)
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