Air Products and Sinopec Form Joint Venture to Serve Nanjing Market in China
Air Products Shanfeng Becomes Wholly-Owned Subsidiary of Air Products in China
Air Products Sells High-Purity Process Chemicals Line to KMG Chemicals
Air Products to Sell Interest in VAE Polymers JV to Wacker
December 19, 2006 Air Products
Air Products and Sinopec
Form Joint Venture to Serve Nanjing Market in China
Air Products, a globally diversified gases and chemicals company, today announced plans to form a joint venture (JV) company with Nanjing Chemical Industries Co Ltd (Nanjing Chemical), a subsidiary of Sinopec Assets Management Corporation, which is a wholly-owned subsidiary of China Petrochemical Corporation (Sinopec Group), to produce hydrogen, oxygen, nitrogen and liquid products. A Letter of Intent to form the JV was recently signed in Beijing by the two companies.
Air Products and Nanjing Chemical will jointly build and operate an air separation unit and a hydrogen facility in Nanjing. Slated to come on-stream in 2009, this facility will have the capacity to produce more than 100 million standard cubic feet per day (MMSCFD) of hydrogen for Nanjing Chemical and other customers in the Nanjing area to meet their industrial gas needs.
Air Products was one of the first international industrial gas companies to enter China with a joint venture in 1987. It has since established a solid infrastructure in Northern, Southern and Eastern China.
Air Products China Inc Beijing Southern Air Products (Zhuhai) Ltd. Zhuhai, Guangdong Air Products (Nanjing) Co., Ltd Nanjing, Jiangsu Province Air Products and Chemicals (China) Shanghai Chun Wang Industrial Gases Co Ltd Shenzhen
October 18, 2007 Air Products
Air Products Shanfeng
Becomes Wholly-Owned Subsidiary of Air Products in China
TEDA Business Positioned for Stronger Growth in Global Polyurethane Market
Air Products today announced that it has acquired all outstanding shares in Air Products Shanfeng, making the venture a wholly-owned Air Products subsidiary in China. This strategic move is part of Air Products’ focus and investment in the performance materials business in China.
The official name of the new company is Air Products and Chemicals (Changzhou) Co., Limited. Air Products Shanfeng was first established in 2005 as a joint venture with Changzhou Shanfeng Chemical Industry Co Ltd., a leading chemical supplier in China.
Air Products Shanfeng, including its production site in Changzhou 常州市, Jiangsu Province in East China, was formed to support the growth of Air Products’ triethylenediamine (TEDA) business for the polyurethane foam market in China.
October 24, 2007 Air Products
Air Products Sells
High-Purity Process Chemicals Line to KMG Chemicals
Electronics Focused on Value-Added Products Customers Demand
Air Products has signed a definitive agreement to sell its high-purity process chemicals (HPPC) business to KMG Chemicals of Houston, Tex. The business had sales of $87 million in the year ended September 30, 2007. The sale is part of the Electronics business’ portfolio management activities to provide customers with the high value products they demand.
“In an effort to focus on what matters most to our customers, Air Products decided the HPPC business no longer fit our electronic gases, chemicals and equipment portfolio. This divestiture marks the end of our restructuring of the Electronics business and leaves us in a stronger position as we continue to invest to serve our customers and grow our business worldwide,” said Corning Painter, vice president, Electronics, for Air Products. “It’s a testament to our team that we can make these kinds of adjustments, continue to focus on our customers, and be successful in the market place.”
Headquartered in Houston, TX, KMG Chemicals produces and distributes established specialty chemicals in niche markets in North America and globally. The Company is growing primarily by acquiring and optimizing stable chemical product lines and businesses with established production processes. KMG improves operating efficiencies, product quality, distribution and responsiveness to customers, thereby expanding profitability and extending the economic life of mature chemicals. Current operations are focused primarily on wood treatment (79% of LTM sales), animal health products (17% of LTM sales) and agricultural chemicals (4% of LTM sales).
December 11, 2007 Air Products
Air Products to Sell
Interest in Polymers Joint Ventures to Wacker
Portfolio Management Move Continues Focus on Strengthening Growth Businesses
Air Products today
announced it has signed a definitive agreement to sell its
interest in its vinyl acetate ethylene (VAE)
polymers joint ventures to Wacker Chemie AG, its long-time joint venture
partner. As part of the agreement, Air Products will receive full
ownership in the Elkton, Md., and Piedmont, S.C., production
facilities and their related businesses plus cash considerations
of $265 million. The sale is part of Air Products’
announced portfolio management activities intended to make the
company a more focused, less cyclical and higher growth company.
The sale consists of the global VAE polymers operations including production facilities located in Calvert City, Ky.; South Brunswick, N.J.; Cologne, Germany; and Ulsan, Korea; and commercial and research capabilities in Lehigh Valley, Pa., and Burghausen, Germany.