LEHIGH VALLEY, Pa., Sept. 26, 2011 /PRNewswire/ -- Air Products (NYSE: APD) today announced that it will increase production of gaseous nitrogen in Cheonan City, South Chungcheong Province, Korea to serve the increasing demand of the electronics industry in one of the country's leading areas for technology manufacturers.
Air Products will build a new nitrogen plant at its site in Cheonan Industrial Complex. The new plant is expected to be onstream in the spring of 2012 and will serve the increasing needs of existing customers, as well as new demand from the Chenon-ChaAm Industrial Complex, including a new photovoltaic investment, which is currently being established nearby.
"We have been serving the electronics industry in this high-tech region and are pleased to bring additional capacity to support the expanding market," said Wayne Mitchell, vice president and general manager of Electronics at Air Products. "This investment positions us well to support the growth plans of our customers through a reliable supply in a quick and cost-effective way."
Cheonan is a hub of high-tech industry and transportation with a cluster of large national corporations and technology companies. Air Products has been supporting the production of semiconductor, liquid crystal displays (LCD) and telecommunication equipment in the area with nitrogen and other bulk gases supplies.
Recently, Air Products also has announced expansion of its nitrogen capacity in the Gumi National Industrial Complex for the growing demand in Korea's biggest inland industrial complex. In fact, in the past few years, the company has announced nitrogen and pipeline expansions in many of the most important semiconductor and LCD manufacturing geographies around the world including Tangjeong and Hwaseong, Korea; Tai Chung, Taiwan; and Austin, Tex. and Chandler, Ariz. in the U.S.
As demand for nitrogen from Electronics customers continues to rise, nitrogen now makes up almost a third of Air Products' Electronics portfolio, up from about 15 percent in 2005.
For more information, please go to www.airproducts.com/semiconductors.
Air Products (NYSE: APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2010, Air Products had revenues of $9 billion, operations in over 40 countries, and 18,300 employees around the globe. 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, 2010.
SOURCE Air Products