LEHIGH VALLEY, Pa., Nov. 20, 2017 /PRNewswire/ -- Air Products (NYSE: APD), a world-leading industrial gases company serving Guangdong in South China for 30 years, today announced that it has signed a second long-term oxygen and nitrogen supply contract with a leading global materials supplier in the province. The latest supply contract will further strengthen Air Products' strong position in this strategic industrial base, as well as the relationship with this global customer.
Under the new contract, Air Products will build two sets of state-of-the-art cryogenic air separation plants in Guangdong to produce both gaseous oxygen and nitrogen. The new plants are scheduled to come on-stream in 2018. Together with an existing plant, which started-up earlier this year and was the company's first of its kind built in China, Air Products will significantly increase gas supply capacity for the customer.
"We are honored to have our important global customer's continued trust in Air Products' capabilities to support their further expansion," said Saw Choon Seong, China president, Industrial Gases at Air Products. "This contract demonstrates our industry expertise and their confidence in our quality and reliable supply. We are truly happy to have the opportunity to help our valued customers meet their productivity, quality and sustainability goals. In line with China's 13(th) Five-Year Plan and Made in China 2025 strategy, the new investment and capacity expansion will give Air Products an even stronger position to supply the strategic high-tech materials industry in the important Pearl River Delta region."
Air Products was one of the first multinational industrial gas companies to enter the China market when it set up its first plant in Shenzhen in 1987. Following 30 years of continuous growth and investment, it today has around 2,500 employees, over 60 entities, and more than 140 production facilities in the country. In Guangdong province, the company operates a strong and reliable supply network across the Pearl River Delta to support the growing demand from over 30 industries.
About Air Products
Air Products (NYSE: APD) is a world-leading Industrial Gases company in operation for over 75 years. The Company's core industrial gases business provides atmospheric and process gases and related equipment to manufacturing markets, including refining and petrochemical, metals, electronics, 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 2017 sales of $8.2 billion from continuing operations in 50 countries and has a current market capitalization of approximately $35 billion. Approximately 15,000 passionate, talented and committed employees from a diversity of 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, 2017.
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SOURCE Air Products