Air Products Closes Acquisition of GE's Gasification Business and Technology.
M2 EQUITYBITES-August 8, 2019-Air Products Closes Acquisition of GE's Gasification Business and Technology
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8 August 2019 - US-based industrial gasses company Air Products (NYSE: APD) has completed the acquisition of General Electric Company's (NYSE: GE) gasification business from GE Power, the company said.
Financial terms of the transaction are not being disclosed.
The gasification business acquired by Air Products includes GE's share of its 50/50 joint venture 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.
This 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-bn-dollar gasification projects include the Lu'an, Juitai and Yankuang Group projects in China, as well as the Jazan project in Saudi Arabia.
Air Products (NYSE: APD) is an 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 largest supplier of liquefied natural gas process technology and equipment.
The company had fiscal 2018 sales of USD 8.9bn from operations in 50 countries and has a current market capitalisation of about USD 50bn.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Aug 8, 2019|
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