Air Products' New Cleveland Air Separation Facility and Liquefier Onstream and Supplying Onsite and Regional Customers
Air Products (NYSE:APD) announced that its new air separation facility in Cleveland, Ohio is now operational and serving customers.
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Rhea-AI Summary
Air Products (NYSE:APD) announced that its new air separation facility in Cleveland, Ohio is now operational and serving customers. The facility includes liquid production capabilities and supplies products such as gaseous oxygen, gaseous nitrogen, and liquid argon under a long-term contract to an onsite customer, while also serving the regional merchant market.
The company is also reinvesting to extend the life of an existing air separation unit and liquefier plant at the same location. Air Products has maintained operations in Cleveland since the 1960s, serving diverse industries including chemicals, food, electronics, primary materials, fabricated metals, health and medical, and utilities sectors.
Positive
- New air separation facility enhances strategic footprint in important merchant market
- Long-term contract secured with significant onsite customer
- Facility serves as liquid back-up source for other Cleveland area customers
- Diversified customer base across multiple industries
Negative
- None.
Details
News Market Reaction – APD
On Sep 2, the day this news came out, APD closed 0.65% below the previous close.
Data tracked by StockTitan Argus for the Sep 2 session.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Air Products is also reinvesting at the same location to extend the life of an existing air separation unit and liquefier plant. Products including gaseous oxygen, gaseous nitrogen and liquid argon are supplied under a long-term contract to an onsite customer, with additional products supplied to the regional merchant market.
"The new facility enhances this location as it will continue to provide a strategic footprint in an important merchant market while continuing to serve a significant onsite customer who is also investing at that location," said Francesco Maione, Air Products' President,
Air Products has been operating in
About Air Products
Air Products (NYSE: APD) is a world-leading industrial gases company in operation for over 80 years focused on serving energy, environmental, and emerging markets and generating a cleaner future. The Company supplies essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemicals, metals, electronics, manufacturing, medical and food. As the leading global supplier of hydrogen, Air Products also develops, engineers, builds, owns and operates some of the world's largest clean hydrogen projects, supporting the transition to low- and zero-carbon energy in the industrial and heavy-duty transportation sectors. Through its sale of equipment businesses, the Company also provides turbomachinery, membrane systems and cryogenic containers globally.
Air Products had fiscal 2024 sales of
View original content:https://www.prnewswire.com/news-releases/air-products-new-cleveland-air-separation-facility-and-liquefier-onstream-and-supplying-onsite-and-regional-customers-302544214.html
SOURCE Air Products
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