LEHIGH VALLEY, Pa., Oct. 25, 2016 /PRNewswire/ -- Air Products (NYSE: APD), a world-leading industrial gases company, today announced it will build a new large air separation unit (LASU) in Ulsan, South Korea. The investment demonstrates the company's commitment to the southern region and across Korea to meet increasing demand driven by the refining, petrochemical, and non-ferrous metals industries, as well as the merchant gas market.
Scheduled to come onstream in 2018, the state-of-the-art, over 1,750-ton-per-day LASU will produce gaseous and liquefied oxygen, nitrogen and argon. The plant will meet the increasing demand of Air Products' existing and future pipeline customers in Ulsan, as well as the liquid gas market.
"We are pleased to invest in this strategic location to support the growth plans of the refining, petrochemical, non-ferrous metals, and many other industries," said Kyo-Yung Kim, president of Air Products Korea. "The new plant, built with our leading-edge technology, will enable us to better serve customers who depend on our safe, reliable and high-quality gases supply for their production."
Ulsan is an industrial powerhouse for the country and home to many sectors including oil refining, automobile production, and shipbuilding. Air Products has been supplying the region for nearly 30 years and has built a pipeline system and gas facilities in Onsan's large non-ferrous metals complex and Yongyeon's petrochemical complex. This latest investment will enable the company to produce extra oxygen and nitrogen to meet increasing needs. The additional high-purity liquid argon, which is used in the chip manufacturing process and to maintain an ultra-clean atmosphere to protect manufacturing tools, will position Air Products to better serve the demand driven by integrated circuit and display customers.
About Air Products
Air Products (NYSE: APD) is a world-leading Industrial Gases company celebrating 75 years of operation. The company's core Industrial Gases business provides atmospheric and process gases and related equipment to manufacturing markets, including refining and petrochemical, metals, electronics, and food and beverage. Air Products is also the world's leading supplier of liquefied natural gas process technology and equipment. The company's Performance Materials Division serves the polyurethanes, cleaning and coatings, and adhesives industries.
The company had fiscal 2015 sales of $9.9 billion and has a current market capitalization of approximately $30 billion. Approximately 17,000 employees in 50 countries strive to make Air Products the world's safest and best performing Industrial Gases company, providing sustainable offerings and excellent service to all customers. For more information, visit www.airproducts.com.
NOTE: 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, 2015.
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SOURCE Air Products