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.
"We sincerely thank Sinopec and Nanjing Chemical for the
faith that they have shown in Air Products by selecting us to be
their partner. The signing of this joint venture Letter of Intent
marks a great moment as our two companies come together. I very
much look forward to the successful partnership that the venture
will bring," said John McGlade, president and chief
operating officer of Air Products.
"This project reflects the new trend of global economy. It
meets Sinopec's requirement of resource optimization and benefits
the local economy," said Leng Tai Min, director and vice
president of Sinopec Assets Management Corporation.
"The signing of this Letter of Intent signifies that both
companies have reached a new milestone in establishing a
strategic partnership in the industrial gas business," said
Yuan Jian Ning, president of Nanjing Chemical.
Air Products supplied an air separation plant to Nanjing Chemical
in 1997 when the two companies collaborated to produce liquid
products for the Nanjing market. The new facility will produce
hydrogen for downstream applications to make ammonia,
caprolactam, aniline and other chemical products. Air Products is
a global leader in hydrogen production and distribution and is
well recognized in the industry for the reliable and safe
production of hydrogen.
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
About Air Products
Air Products serves customers in industrial, energy, technology
and healthcare markets worldwide with a unique portfolio of
atmospheric gases, process and specialty gases, performance
materials and equipment and services. Founded in 1940, Air
Products has built leading positions in key growth markets such
as semiconductor materials, refinery hydrogen, home healthcare
services, natural gas liquefaction, and advanced coatings and
adhesives. The company is recognized for its innovative culture,
operational excellence and commitment to safety and the
environment and is listed in the Dow Jones Sustainability and
FTSE4Good Indices. The company has annual revenues of $9 billion,
operations in over 40 countries, and nearly 20,000 employees
around the globe. For more information, visit www.airproducts.com
or www.airproducts.com.cn.
About China Petrochemical Corporation (Sinopec Group)
China Petrochemical Corporation (Sinopec Group) is a Chinese
integrated energy and chemical company with upstream, midstream
and downstream operations. The principal operations of Sinopec
Group and its subsidiaries include: exploring, developing,
producing and trading crude oil and natural gas; processing crude
oil into refined oil products; producing, trading, transporting,
distributing and marketing refined oil products; and producing
and distributing chemical products. China Petrochemical
Corporation is one of the largest crude oil and petrochemical
companies in China and Asia. It is also one of the largest
gasoline, kerosene, diesel, lubricants and other major chemical
products producers and distributors in China and Asia. For
additional information about Sinopec Group, please visit
http://www.sinopecgroup.com.
Founded on December 28, 2005, the Sinopec Assets Management
Corporation is a wholly-owned subsidiary of China Petrochemical
Corporation (Sinopec Group). It operates in parallel and
independently with China Petroleum and Chemical Corporation
(Sinopec, HKEX: 386; NYSE: SNP; LSE: SNP; CH: 600028) and other
specialty subsidiary companies of the Sinopec Group. It
collaborates with and is complementary to China Petroleum and
Chemical Corporation for the optimized industrial structure.
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. This market has been
growing at more than 10 percent annually in China and is expected
to continue to experience high growth rates as China becomes a
global manufacturing center.
To align with the change, TEDA manufactured at the Changzhou
facility will come under the Air Products global brands DabcoR
chemical catalyst crystal, and the Air Products Shanfeng TEDA
brand will be discontinued.
Air Products has invested its leading manufacturing and process
technology, as well as implemented its environmental, health and
safety standards at the Changzhou facility in the past two years
to expand capacity, improve efficiency and provide higher quality
products and value-added solutions to meet customers’
demands.
“Air
Products has been supplying amine catalysts to the polyurethane
market for more than 40 years and is a leading global supplier of
TEDA and other amine catalysts to that market. Establishing the
Changzhou facility as a wholly-owned Air Products company is a
logical progression to support our business growth,”
said Patrick
Loughlin, vice president and general manager, Performance
Materials, Air Products Asia.“It means we will be putting more
focus and committing additional resources that will create
greater synergies with our global business plans, as well as
infrastructure in China and in the region.”
TEDA is an
important additive used to catalyze reactions to produce
polyurethane foam. Applications of polyurethane foam include
automotive seating, furniture, insulation materials, shoe soles
and construction.
The ban of chlorofluorocarbons(CFC11) as blowing agents in
buildings by the China Ministry of Construction in July this year
has further boosted the use of polyurethane in the construction
and spray foam markets in China. The Air Products DabcoR PT amine
catalyst series and the LK range of non-silicone surfactants for
non-CFC spray foam are manufactured by the Changzhou facility.
Air Products manufactures and markets an extensive line of
polyurethane additives worldwide, including DabcoR and PolycatR
amine catalysts, Dabco TMR amine catalysts, DabcoR metal-based
catalysts, DabcoR silicone surfactants and LK non-silicone
surfactants. These versatile products are used in all types of
polyurethane foam applications.
Air Products (NYSE:APD) serves customers in industrial, energy,
technology and healthcare markets worldwide with a unique
portfolio of atmospheric gases, process and specialty gases,
performance materials, and equipment and services. Founded in
1940, Air Products has built leading positions in key growth
markets such as semiconductor materials, refinery hydrogen, home
healthcare services, natural gas liquefaction, and advanced
coatings and adhesives. The company is recognized for its
innovative culture, operational excellence and commitment to
safety and the environment. Air Products has annual revenues of
$9 billion, operations in over 40 countries, and over 20,000
employees around the globe. For more information, visit
www.airproducts.com.
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.
The agreement includes the sale of a production facility and
warehouse in Pueblo, Colo. Subject to compliance with certain
applicable regulatory requirements which should entail a period
of approximately four weeks, Air Products will also enter into an
agreement with KMG for the simultaneous sale of the assets of the
HPPC business located in San Giuliano Milanese, Italy.
It is expected that all of the approximately 165 employees at the
two locations will be employed by KMG (for Milan employees,
subject to the above compliance). Air Products’
Dallas, Tex.
facility, which manufactures some HPPC products, is a
multi-purpose facility, producing other strategic products for
the company’s Electronics business and will
not be included in the sale.
“The
sale of the HPPC business is an example of how we are managing
our portfolio and simplifying our business. We’re aligning our portfolio to
better focus on the products where we can provide the most value
to our customers,” says Mike Hilton, senior vice
president and general manager, Electronics and Performance
Materials, Air Products.
“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.”
“We are very
impressed with the 165 employees who make up the HPPC business
and plan to employ essentially all of them,”
said Neal Butler,
president and CEO of KMG Chemicals. “It will be a seamless transition
for the customers.”
Air Products
acquired the HPPC business as part of its purchase of the
Electronic Chemicals business of Ashland Specialty Chemical
Company in 2003. High-purity process chemicals are basic and
custom-performance blends of acids and solvents used in the
manufacture of semiconductors. Customers use the chemicals in
their manufacturing process to etch and clean the wafer at each
production layer. These chemicals remove unwanted residue at very
specific rates. The typical application is in the form of
chemical baths or spray on devices.
The sale between Air Products and KMG is expected to close on 31
December 2007 subject to regulatory approval.
Air Products serves customers in industrial, energy, technology
and healthcare markets worldwide with a unique portfolio of
atmospheric gases, process and specialty gases, performance
materials, and equipment and services. Founded in 1940, Air
Products has built leading positions in key growth markets such
as semiconductor materials, refinery hydrogen, home healthcare
services, natural gas liquefaction, and advanced coatings and
adhesives. The company is recognized for its innovative culture,
operational excellence and commitment to safety and the
environment. Air Products has annual revenues of $9 billion,
operations in over 40 countries, and over 20,000 employees around
the globe. For more information, visit www.airproducts.com.
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’
previously
announced portfolio management activities intended to make the
company a more focused, less cyclical and higher growth company.
“We
are pleased to have reached an agreement to sell our interest in
our polymers joint venture to our long-time partner, Wacker
Chemie,” said John McGlade, Air Products’
president and CEO. “They recognize the strategic value
of the business, its high quality assets and its outstanding team
of employees.”
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. The
business produces VAE for use in adhesives, paints and coatings,
paper and carpet applications. There are approximately 430
employees directly associated with this business. These employees
will be offered employment with Wacker, whichintends to continue
operating the business out of the Lehigh Valley.
“Our
agreement today will give Wacker integrated production sites in
the USA and Asia,” said Peter-Alexander Wacker, CEO
of Wacker. “We have worked together for more
than 20 years and look forward to welcoming Air Products
employees to Wacker.”
Upon completion of
the sale, Air Products will assume full ownership of the Elkton
and Piedmont plants and related North American atmospheric
emulsions and global pressure sensitive adhesives business. Air
Products intends to sell these businesses.
Air Products and Wacker expect the sale, which is subject to
regulatory approvals and customary closing conditions, to be
completed during the first quarter of 2008.