Air Products Acquires Air Liquide's Industrial Gases Business in United Arab Emirates and Bahrain

Rhea-AI Summary

Air Products (NYSE:APD) has announced its acquisition of Air Liquide's industrial gases business in the UAE, including liquid bulk, packaged gases, and specialty gases, as well as a majority stake in Middle East Carbon Dioxide W.L.L in Bahrain. This strategic move aims to enhance Air Products' footprint in the Middle East, strengthen product sourcing, and improve service reliability. Financial terms of the deal remain undisclosed.

Positive

• Expanded regional presence in the UAE and Bahrain.
• Strengthened product sourcing and reliability.
• Enhanced service capabilities with the inclusion of experienced personnel.

Negative

• None.

• Acquisition of Air Liquide Emirates for Industrial Gases LLC (ALEMIR) and Orca Industrial Gases LLC, which includes liquid bulk, packaged gases and specialty gases of Air Liquide in the UAE
• Acquisition of Air Liquide's majority share in Middle East Carbon Dioxide W.L.L (MECD), a joint venture with ALMO Holdings CO W.L.L, for a liquid carbon dioxide (CO₂) production facility in Bahrain

LEHIGH VALLEY, Pa., April 12, 2022 /PRNewswire/ -- Air Products (NYSE:APD) announced that it has acquired Air Liquide's industrial gases business in the UAE, including liquid bulk, packaged gases and specialty gases; and Air Liquide's majority share in MECD, which owns and operates a liquid CO₂ production facility in Bahrain. Financial terms are not being disclosed for the agreement.

"The acquisition builds on many years of good experience working in and serving customers in the Middle East and supports our growth strategy for the region," commented Hamid Sabzikari, vice president and general manager, Air Products Industrial Gases Middle East, Egypt and Turkey.

"It is yet another example of how Air Products is building and strengthening its industrial gas business in the Middle East. In acquiring these businesses, we have further expanded our footprint and regional presence in the UAE and Bahrain, strengthened our product sourcing and reliability, and welcomed talented and dedicated people into our Middle East organization who are passionate about serving local 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 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.

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.

View original content:https://www.prnewswire.com/news-releases/air-products-acquires-air-liquides-industrial-gases-business-in-united-arab-emirates-and-bahrain-301523967.html

SOURCE Air Products

FAQ

What businesses did Air Products acquire from Air Liquide?

Air Products acquired Air Liquide's industrial gases business in the UAE, including liquid bulk, packaged gases, and specialty gases.

What stake did Air Products acquire in Middle East Carbon Dioxide W.L.L?

Air Products acquired a majority share in Middle East Carbon Dioxide W.L.L, which operates a liquid carbon dioxide production facility in Bahrain.

What is the significance of Air Products' acquisition in the Middle East?

This acquisition strengthens Air Products' market position and operational footprint in the Middle East, supporting its growth strategy in the region.

Are the financial details of the acquisition disclosed?

No, the financial terms of the acquisition have not been disclosed.