Air Products' Middle East Merchant Industrial Gas Joint Venture, Abdullah Hashim Industrial Gases & Equipment Co. Ltd., Acquires Air Liquide's Merchant Industrial Gases Business in the Kingdom of Saudi Arabia

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Sep 12, 2022, 11:45 ET

Acquisition of Air Liquide Al Khafrah Industrial Gases includes liquid bulk, packaged gases and specialty gases and builds on prior acquisitions of Air Liquide's industrial merchant gas assets in the region

LEHIGH VALLEY, Pa., Sept. 12, 2022 /PRNewswire/ -- Abdullah Hashim Industrial Gases & Equipment Co. Ltd. (AHG)―Air Products' merchant industrial gas joint venture in the Kingdom of Saudi Arabia―today announced the acquisition of Air Liquide Al Khafrah Industrial Gases (ALKIG), Air Liquide's industrial merchant gases business in the Kingdom of Saudi Arabia, including liquid bulk, packaged gases and specialty gases. Financial terms are not being disclosed.

Commenting on the acquisition, Mr. Khalid Hashim, managing director, AHG said: "We are proud to have Air Products as our partner in the Kingdom. The relationship between our companies has never been stronger and continues to thrive. In acquiring this business from Air Liquide, we strengthen our capabilities even further and as we continue to grow, our customers will reap the benefits in service from a passionate local business with a strong global partnership. We welcome the talented and dedicated people who have joined our organization and the enthusiasm and expertise they bring to serving our customers."

"This acquisition, through AHG, supports our continued growth strategy for the region and builds on decades of experience working alongside and serving customers in the Middle East," commented Mr. Hamid Sabzikari, vice president and general manager, Air Products Industrial Gases Middle East, Egypt and Turkey.

In January 2022, Air Products successfully concluded the acquisition of Air Liquide's industrial merchant gases business in United Arab Emirates, including liquid bulk, packaged gases and specialty gases; and Air Liquide's majority share in Middle East Carbon Dioxide W.L.L. (MECD), for a liquid carbon dioxide production facility in Bahrain. Air Products continues to demonstrate its commitment to the Middle East, growing its industrial gas business, expanding regional capabilities and strengthening product sourcing and reliability to better serve customers.

About Air Products
Air Products (NYSE:APD) is a world-leading industrial gases company in operation for over 80 years. Focused on serving energy, environment and emerging markets, the Company provides essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemical, metals, electronics, manufacturing, and food and beverage. Air Products is also the global leader in the supply of liquefied natural gas process technology and equipment. The Company develops, engineers, builds, owns and operates some of the world's largest industrial gas projects, including: gasification projects that sustainably convert abundant natural resources into syngas for the production of high-value power, fuels and chemicals; carbon capture projects; and world-scale low- and zero-carbon hydrogen projects supporting global transportation and the energy transition.

The Company had fiscal 2021 sales of $10.3 billion from operations in over 50 countries and has a current market capitalization of over $55 billion. More than 20,000 passionate, talented and committed employees from diverse 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 or follow us on LinkedIn, Twitter, Facebook or Instagram.

About Abdullah Hashim Industrial Gases & Equipment (AHG)
Abdullah Hashim Industrial Gases & Equipment Co. Ltd. is one of the leading merchant industrial gas manufacturers and suppliers in the Kingdom of Saudi Arabia. In the 1940's AHG was initially founded as a metalworking operation and as this operation grew, it led to the placement of the first Oxygen plant, at the first shipyard in Jeddah, Saudi Arabia.

Since AHG's official establishment in 1954, the company shifted its focus from metalworking to becoming the safest and most reliable supplier of gases, gas related equipment, and gas services in the Kingdom. AHG still maintains its roots through its welding division where the company provides welding equipment and supplies to the market, and through the years AHG has also added a refrigerant gas division to its portfolio. In pursuit of AHG's vision, Air Products became AHG's international partner and shareholder for over 10 years. The successful partnership has been reinforced through shared values.

Cautionary Note Regarding Forward-Looking Statements: This release contains "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 expectations and assumptions as of the date of this release and are not guarantees of future performance. While forward-looking statements are made in good faith and based on assumptions, expectations and projections that management believes are reasonable based on currently available information, actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors, including risk factors described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2021. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in the assumptions, beliefs or expectations or any change in events, conditions or circumstances upon which any such forward-looking statements are based.

SOURCE Air Products