LEHIGH VALLEY, Pa. and
SHANGHAI, April 14, 2021 /PRNewswire/ -- Air Products
(NYSE: APD) today announced it has completed the acquisition of the
remaining 50 percent equity stake in its gasification technology
joint venture (JV) with China Shenhua Coal to Liquid and Chemical
Co. Ltd., a subsidiary of China Energy Group. Financial terms of
the transaction are not being disclosed.
Air Products acquired its initial 50 percent equity stake in the
JV as part of its acquisition of General Electric Company's ("GE")
gasification business from GE Power in 2019.
This transaction further strengthens Air Products' broader
gasification technology portfolio and integrates technical and
engineering resources in China.
"Our latest investment is another step to support our
gasification growth strategy that addresses the world's energy and
environmental challenges. We continue to execute several
megaprojects in China and around
the world. The acquisition further strengthens our position to
leverage our complete gasification technology portfolio to serve
our customers," said Seifi Ghasemi,
chairman, president and chief executive officer at Air Products.
Air Products continues its leadership in gasification projects
around the world. Last year, Air Products announced a US$2 billion coal-to-methanol project located in
Indonesia. The company is also
executing a number of world-scale gasification projects including
the Jiutai and Debang projects in China, as well as the Jazan project in Saudi
Arabia.
Air Products has been successfully building, owning, and
operating facilities under the "Sale of Gas" model for many
decades. The company's portfolio includes more than 40 years of
gasification experience, extensive capabilities, industry-leading
technologies, and operational expertise. Air Products Syngas
Solutions™ offers complete turnkey gasification complexes to
convert a wide range of lower-value hydrocarbon feedstocks into
synthesis gas for making higher value products and power.
About Air Products
Air Products (NYSE:APD) is a world-leading industrial gases company
in operation for 80 years. Focused on serving energy, environment
and emerging markets, the Company provides essential industrial
gases, related equipment and applications expertise to customers in
dozens of industries, including refining, chemical, metals,
electronics, manufacturing, and food and beverage. Air Products is
also the global leader in the supply of liquefied natural gas
process technology and equipment. The Company develops, engineers,
builds, owns and operates some of the world's largest industrial
gas projects, including: gasification projects that sustainably
convert abundant natural resources into syngas for the production
of high-value power, fuels and chemicals; carbon capture projects;
and world-scale carbon-free hydrogen projects supporting global
transportation and the energy transition.
The Company had fiscal 2020 sales of $8.9
billion from operations in 50 countries and has a current
market capitalization of over $60
billion. More than 19,000 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 airproducts.com or follow us on LinkedIn, Twitter,
Facebook or Instagram.
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,
2020.
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SOURCE Air Products