CORAL SPRINGS, Florida, October 27, 2015 /PRNewswire/ --
Basic materials sector tasks that include development hydrogen & liquid gas applications for welding and cutting technologies amongst other uses realize a 10% growth in the industry over the past 30 day period. Latest developments to take note of are MagneGas Corporation (NASDAQ: MNGA), Air Products & Chemicals (NYSE: APD), Cheniere Energy, Inc. (NYSE: LNG), The Dow Chemical Company (NYSE: DOW) and Praxair, Inc. (NYSE: PX).
MagneGas Corporation (NASDAQ: MNGA) a leading technology company that counts among its inventions a patented process that converts liquid waste into MagneGas2® fuel, announced today that its cutting fuel has again been selected by industry experts as the fuel of choice for five major demolition projects in Florida. MagneGas2® fuel is being used for the steel cutting portion of the projects which involve two separate demolition companies. The projects are both long and short term and in various stages of work in progress, with various amounts of steel cutting required. The five demolition and reconstruction projects range in scope from hotels, resorts and other structures to roadways & bridges, and cover both the private, public and military sectors. Along with the previously announced Pier demolition in St. Petersburg, MagneGas2® is now being used in 6 of the top 10 demolition projects in the Central Florida area, based on Company estimates.
Read the full MNGA Press Release at http://www.financialnewsmedia.com/profiles/mnga.html
MagneGas2® has increasingly and consistently received positive feedback not only from end users such as demolition companies, but also from utility companies, industrial & military facilities due to its proven faster cutting speed and smaller heat affected zone, demonstrated safety attributes and its eco-friendly aspects. The fuel is produced in the USA as opposed to acetylene which is made from calcium carbide imported primarily from China and other countries. The increased cutting speed translates into the potential of increased productivity and lower costs for end users. "This is yet another instance where the companies involved in major projects have asked for MagneGas specifically as the fuel of choice. Feedback is that MagneGas adds dollars to their bottom line, due to the speed of the cut, increased productivity, less fuel required and results in a quicker, less costly completion date," commented Ermanno Santilli, CEO of MagneGas Corporation.
In other Basic Materials news and happenings: Air Products & Chemicals (NYSE: APD), the leading global hydrogen provider, announced it will invest $350-$400 million to build, own and operate a world-scale steam methane reformer (SMR) in Baytown, Texas. The SMR will produce hydrogen and carbon monoxide (CO) to be supplied to customers from Air Products' Gulf Coast Hydrogen and CO Pipeline Networks. Both product capacities from the new facility are already sold-out ahead of the anticipated plant onstream in 2018. "This plant demonstrates to our customers our dedication to providing them with excellent customer service. This SMR strengthens our market-leading position and also Air Products' ability to serve the many customers on our pipeline networks with a new, efficient and reliable source of hydrogen and carbon monoxide, which will be owned and operated by Air Products," said Marie Ffolkes, president, Industrial Gases - Americas at Air Products.
Cheniere Energy, Inc. (NYSE: LNG) expects to start receiving natural gas to convert into super-chilled liquid fuel at its first U.S. LNG export terminal before the end of the year, with shipments to start in January, its chief executive said. Cheniere's plant will mark the first exports of cheap and abundant U.S. shale gas as liquefied natural gas (LNG), adding to a huge boost in output out of Australia as well. The ample supplies, combined with slowing growth in China and falling demand in top importers Japan and South Korea, have cut prices and prompted a battle for market share.
The Dow Chemical Company (NYSE: DOW) recently announced it intends to restructure its participation in its group of Kuwaiti Joint Ventures with the objective of optimizing its investment and expanding its relationship with Greater EQUATE on the U.S. Gulf Coast. This announcement aligns with Dow's prior stated commitments to optimize its investments in certain joint ventures. The optimization is expected to occur in two phases. Under the first phase, EQUATE would acquire MEGlobal for a total equity consideration of $3.2 billion. The transaction will result in Dow receiving $1.5 billion in pre-tax proceeds. Following completion of this acquisition, which is expected to close by year-end 2015, Dow will retain a 42.5 percent ownership stake in MEGlobal through its ownership of Greater EQUATE. This acquisition is also expected to drive efficiencies and cost savings due to existing synergies between MEGlobal and EQUATE.
Praxair, Inc. (NYSE: PX) announced that Martin H. Richenhagen, chairman, president and CEO of AGCO Corporation (NYSE: AGCO), has been elected to the Praxair board of directors. With 2014 net sales of $9.7 billion, AGCO is a global leader in the design, manufacture and distribution of agricultural equipment. "Martin is a highly regarded CEO who brings a wealth of global manufacturing and leadership experience to the table, and we are very pleased to welcome him to our board," said Steve Angel, Praxair's chairman and CEO. "Over the past two decades, Martin has held a variety of key executive roles in the manufacturing industry and has a successful track record in driving productivity, growth and financial discipline. We look forward to the unique insight and experience he will add to our board."
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