LEHIGH VALLEY, Pa., Feb. 15, 2018 /PRNewswire/ -- Air Products (NYSE: APD) today announced a definitive agreement to purchase ACP Europe SA (ACP), the largest independent carbon dioxide (CO2) business in Continental Europe. The transaction will complement Air Products' European CO2 capabilities in core geographies where the company already provides industrial gases.
"We are delighted to announce this transaction to acquire ACP. We are committed to invest in our core industrial gas business where it creates significant value for our shareholders, and the acquisition of ACP fulfils that criteria. ACP has a quality, well-run European CO2 business that like Air Products, prioritizes safety above all else," commented Ivo Bols, president, Industrial Gases–Europe and Africa at Air Products. "Together, with our complementary product portfolio and customer-centric approach, this acquisition will enable us to better serve our existing customers and pursue new industrial gas growth opportunities."
Today, Air Products supplies a broad portfolio of industrial gases across 13 European countries including liquid CO2 from its operations in Spain and Poland. Through the acquisition of ACP, Air Products would expand its liquid CO2 supply position across additional European geographies and further build density throughout Continental Europe.
"We have a long history providing excellent service to our CO2 customers based on the expertise and dedication of our employees. Combining our business with a world-leading industrial gas company committed to safety will provide customers with an expanded product portfolio and broader sourcing and supply chain capabilities, while offering our talented people significant opportunities for the future," said Jan De Ridder, Director, ACP.
ACP has more than 120 employees, four liquid CO2 production plants and two dry ice production locations across Europe. The business serves customers across a variety of applications including beverage, chemical, food and horticulture.
Closing of the transaction is conditional upon satisfaction of customary closing conditions and obtaining necessary regulatory approvals. Financial terms of the transaction are not being disclosed.
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.
SOURCE Air Products