Air Products to Build, Own and Operate Two New Air Separation Units at its Facilities in Georgia and North Carolina

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Jul 17, 2024, 10:00 ET

New ASUs to Improve Productivity, Offer Sustainability Efficiencies and Operational Flexibility for Established and Growing Merchant Market

LEHIGH VALLEY, Pa., July 17, 2024 /PRNewswire/ -- Air Products (NYSE: APD), a world-leading industrial gases company, today announced two projects to enhance the sustainability, productivity, and operational flexibility of its base industrial gas business, as well as continuing commitment to the merchant industrial gas market. Air Products will construct two new air separation units (ASU) at its existing Conyers, Georgia and Reidsville, North Carolina locations. Both new ASUs will replace older units, provide additional capacity at the locations, and are projected to be onstream in 2026.

"Conyers and Reidsville have very attractive customer markets that Air Products has served for nearly five decades. The ASU assets at these locations have served Air Products very well and its customers very reliably. Now is the time to install new ASUs, which will have an even greater level of reliability, production, sustainability efficiencies and additional market growth," said Francesco Maione, Air Products' President, Americas.

Air Products is a world-leading company in the production and supply of oxygen, nitrogen and argon. Industrial gas products produced at Conyers and Reidsville will include liquid oxygen, liquid nitrogen, and liquid argon for the regional supply of the established and growing merchant markets. The diverse range of customers served by the respective facilities are markets including chemicals, food, metals processing, primary materials, fabricated metals, electronics and for distributors.

Maione added that, "Air Products is committed to its terrific base industrial gas business and our commitment is evidenced by the investment in these two new ASUs. We can ensure enhanced product reliability to regional customers in that these new units can act as back-ups to each other, as well as for other company facilities producing the same products in neighboring and nearby states."

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. The Company has two growth pillars driven by sustainability. Air Products' base business provides essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemicals, metals, electronics, manufacturing, and food. The Company also develops, engineers, builds, owns and operates some of the world's largest industrial gas and carbon-capture projects, supplying world-scale clean hydrogen for global transportation, industrial markets, and the broader energy transition. Additionally, Air Products is the world leader in the supply of liquefied natural gas process technology and equipment, and globally provides turbomachinery, membrane systems and cryogenic containers.

The Company had fiscal 2023 sales of $12.6 billion from operations in over 50 countries and has a current market capitalization of over $50 billion. More than 23,000 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 reimagine what's possible to 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.

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 the risk factors described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2023 and other factors disclosed in our filings with the Securities and Exchange Commission. 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