LEHIGH VALLEY, Pa.,
Aug. 5, 2019 /PRNewswire/ -- Air
Products (NYSE: APD) today announced it has completed the
acquisition of General Electric Company's ("GE") gasification
business from GE Power. Financial terms of the transaction are
not being disclosed.
"The successful acquisition of the GE gasification technology
further supports our long-term, strategic focus on gasification.
This acquisition, combined with our other capabilities, gives us
the ability to provide a complete solution to our customers,
including financing, technology, engineering, construction, and
operation of large syngas projects. We welcome the experienced and
talented GE gasification team and look forward to supporting them
to further grow the business," said Seifi
Ghasemi, chairman, president and chief executive officer at
Air Products.
The gasification business acquired by Air Products includes GE's
share of its 50/50 joint venture (JV) with China Shenhua Coal to
Liquid and Chemical Company, Ltd., a subsidiary of China Energy
Group, a world-class energy company. The JV, formed in 2012,
provides technologies for gasification projects in China.
The acquisition includes approximately 50 total employees,
including employees of the JV.
In Air Products' sale-of-gas business model, the company
finances, builds, owns, operates and maintains the gas production
plant so its customers can focus their attention and capital on
their primary business. Examples of larger-scale,
multi-billion-dollar gasification projects include the Lu'an,
Juitai and Yankuang Group projects in China, as well as the Jazan project in
Saudi Arabia.
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.
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, 2018.
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SOURCE Air Products