Air Products Acquires BHGE's Rotoflow™ Turboexpander Business; Extends Its Specialty Equipment/Services Capabilities
LEHIGH VALLEY, Pa., Aug. 22, 2018 /PRNewswire/ -- Air Products (NYSE: APD) announced today it has acquired the Rotoflow™ turboexpander business from Baker Hughes, a GE company. Air Products acquired all engineering and service capabilities to continue providing world-class service to Rotoflow™ customers. The transaction has closed*, and financial terms are not being disclosed.
This acquisition extends Air Products' existing world-scale industrial gas and liquefied natural gas (LNG) turboexpander capabilities into growing hydrocarbon, petrochemical and energy segments. "Air Products already provides key proprietary equipment, services and industrial gases to many existing Rotoflow customers, and we are looking forward to expanding those relationships," said Air Products' Executive Vice President Dr. Samir J. Serhan.
Air Products has designed and manufactured over 1,600 high quality turboexpanders as an integral part of large industrial gas and LNG projects executed over the company's 75+-year history. Recent projects include the world's largest industrial gases facility in Jazan, Saudi Arabia and the proprietary LNG technology provided for the floating liquefied natural gas projects off-shore Malaysia. Both projects utilized Air Products' leading turboexpander technology. The integration of the Rotoflow technology will enhance Air Products' existing capabilities.
The combination of the existing Air Products and Rotoflow turboexpander capabilities will be integrated into a new Air Products business division known as "Rotoflow, an Air Products Business."
"We are confident Air Products will be a great home for the Rotoflow turboexpander business," said Luca Maria Rossi, Vice President Product Management of BHGE's Turbomachinery & Process Solutions. "BHGE will continue to supply Turboexpander units and related services, which are suitable for a variety of gas processing and other industrial applications, under the trade name of Nuovo Pignone™".
About Air Products
Air Products (NYSE:APD) is a world-leading Industrial Gases company in operation for over 75 years. 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 had fiscal 2017 sales of $8.2 billion from continuing operations in 50 countries and has a current market capitalization of about $35 billion. Approximately 15,000 passionate, talented and committed employees from a diversity of 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.
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, 2017.
*EDITOR'S NOTE: The transaction closed June 30, 2018.
SOURCE Air Products
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