Air Products Signs Letter of Intent with Taiwan's Ministry of Economic Affairs

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Advancing Global Competitiveness through Collaboration

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Nov 01, 2010, 05:14 ET

LEHIGH VALLEY, Pa., Nov. 1, 2010 /PRNewswire-Asia/ -- Air Products (NYSE: APD) today announced that it has signed a Letter of Intent (LOI) with The Ministry of Economic Affairs in Taiwan. The agreement signifies a commitment between both parties to identify investment opportunities in Taiwan's semiconductor, solar energy and TFT-LCD manufacturing industries, foster long-term cooperation with Taiwanese companies and research institutes, and work collaboratively with the country's Industrial Technology Research Institute in the development of gas and semiconductor fluid cleaning technologies.

The LOI was signed by Taiwan Deputy Minister Sheng-Chung Lin and Air Products CEO John E. McGlade at the company's global headquarters in Allentown, Pa. Wilfred Muskens, Deputy Secretary of International Business Development, Pennsylvania Department of Community and Economic Development, participated in the ceremony together with officials from various departments within the Taiwan Ministry of Economic Affairs, as well as representatives from the Taipei Economic and Cultural Office in the U.S.

''Air Products has been building relationships in the Asia region for nearly 30 years and we are especially pleased with the growth of Air Products San Fu, our Taiwanese affiliate, which is today the largest industrial gas company in Taiwan,'' said McGlade, who served as vice president of Air Products San Fu Industrial Gas Division based in Taipei in the late 1980s.

''Taiwan is an extremely attractive market for us and we welcome the opportunity to work even more closely with our government, industry and academic partners to enhance Taiwan's global competitiveness.''

Deputy Minister Lin, who is leading the Taiwan delegation during visits this week to leading U.S. companies in the gas, energy, biopharmaceutical, telecommunications and information technology industries, expressed his appreciation for the high-quality gases, equipment and chemicals Air Products has supplied to Taiwan's industries over the years and its contribution to Taiwan's industrial development.

''Taiwan is a world leader in semiconductor, LED and solar cell manufacturing,'' Lin said. ''With this agreement we have signed today, it is our hope that Air Products San Fu will continue to invest in the petrochemical and semiconductor industries, and advance its efforts into the green energy industry as well.''

Air Products has been operating in Taiwan through its San Fu subsidiary since 1987 and supplies atmospheric and specialty electronics gases, chemicals and related equipment to many industries. The company has approximately 800 employees at 18 locations capable of serving all parts of Taiwan.

Air Products San Fu was recently named one of ''The Top 300 Companies'' in Taiwan by The Commonwealth magazine, and is the first gas company in Taiwan awarded ISO9002 and ISO14000 certifications, a measure of the company's commitment to high standards of quality and environmental responsibility.

In addition, Air Products San Fu recently received its second Silver Award in the 2010 Taiwan TrainQali System (TTQS). TTQS is a national training quality evaluation program held by the Bureau of Employment and Vocational Training in Taiwan to recognize corporations with outstanding performance in implementing quality and effective training systems.

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. In fiscal 2010, Air Products had revenues of $9 billion, operations in over 40 countries, and 18,300 employees around the globe. For more information, visit www.airproducts.com .

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, 2009.

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SOURCE Air Products