CORAL SPRINGS, Florida, June 2, 2016 /PRNewswire/ --
Industrial Gas, Energy & Chemical companies focus on identifying strategic measures for improving current operations and revenue opportunities that include announcements of new high profile projects, restructuring of management & ownership, expansion into high-growth markets and energy cost savings efforts for consumers heading into the second half of the current fiscal year.
In a major development in the markets regarding a new high profile project: MagneGas Corporation (NASDAQ: MNGA), a technology company that counts among its inventions a patented process that converts renewable and liquid waste into MagneGas2® fuel, announced today that its cutting fuel has been selected by Suwannee Ironworks & Fence, Inc. ("Suwannee"), which is acting as sub-contractor for steel fabrication projects at two major amusement parks in Florida. Suwannee, a current Magnegas2® customer, is working with the two amusement parks on the steel construction portion of these large construction projects. MagneGas2® will be used to prepare the steel for installation.
Read the full MagneGas (MNGA) Press Release at: http://www.financialnewsmedia.com/profiles/mnga.html
Ermanno Santilli, Chief Executive Officer of MagneGas stated, "We are pleased to have been selected again by Suwannee as their fuel of choice for these two high profile projects. Once again, MagneGas2® fuel has been chosen by our customer because of its proven faster cutting speed, smaller heat affected and demonstrated safety attributes. We look forward to working with Suwannee on these and other projects in the future."
In other chemicals/industrial gases news and happenings: Praxair, Inc. (NYSE: PX), a global industrial gas company, announced the kick-off of the second year of its Skills Pipeline™ workforce development program. Working together with the Louisiana Community and Technical College System (LCTCS), the program helps address the need for skilled workers in today's global economy. Praxair will invest more than $200,000 to train over 50 welders in an accelerated one-year curriculum. Funded by Praxair's Global Giving Program, scholarships will be offered through Baton Rouge Community College and SOWELA Technical Community College. This initiative is scheduled to begin in July, with community information events beginning in June. Praxair, Inc., a Fortune 250 company with 2015 sales of $11 billion, is a leading industrial gas company in North and South America and one of the largest worldwide. The company produces, sells and distributes atmospheric, process and specialty gases, and high-performance surface coatings.
For over half a century, liquid nitrogen has been used to freeze and chill food products. Today, liquid nitrogen is finding new applications in the food industry that can help processors improve product quality, safety and operational efficiency up and down the production line. To share the latest advances in liquid nitrogen applications, Air Products and Chemicals, Inc (NYSE: APD) will offer a free webinar, "Thinking Outside the Liquid Nitrogen Freezing Box," on Tuesday, June 14, at 2 p.m. ET. Air Products (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 Dow Chemical Company (NYSE: DOW) recently announced the successful completion of the transaction to restructure the ownership of Dow Corning. Dow is now 100 percent owner of Dow Corning's silicones business, which had 2015 revenues of greater than $4.5 billion and is expected to generate more than $1 billion of annual EBITDA for Dow at full run-rate synergies. The transaction represents a post-synergy multiple of less than 6x EBITDA, highlighting the unique value creation to Dow shareholders from acquiring 50 percent of the silicones business while benefiting from 100 percent of the synergies. "Dow Corning's world-leading silicone position brings a complementary new chemistry and technology to Dow, with it being a hand-in-glove, strategic fit for our material sciences portfolio and based on the additional $1 billion of EBITDA to Dow's bottom line at full run-rate synergies, which at $400 million is the minimum we expect to achieve, this transaction is highly accretive for our shareholders. As an owner of Dow Corning for more than seven decades, our deep understanding of common and adjacent markets we serve will enable us to go narrower and deeper into high growth businesses where innovation is rewarded with value," said Andrew N. Liveris, Dow's chairman and chief executive officer. "By linking our two robust innovation engines, we will bring greater value to our shareholders and a wider range of differentiated, high value solutions to our customers." Dow's integrated, market-driven, industry-leading portfolio of specialty chemical, advanced materials, agrosciences and plastics businesses delivers a broad range of technology-based products and solutions to customers in approximately 180 countries and in high-growth sectors such as packaging, electronics, water, coatings and agriculture.
In other energy news and developments: Public Service Enterprise Group Inc (NYSE: PEG) proposed to reduce residential natural gas bills this year by another 7.4 percent, saving customers $64 per year. In its annual filing with the New Jersey Board of Public Utilities, PSE&G said it would reduce its basic gas supply rate this winter to 34 cents from 40 cents - the lowest rate in 16 years. "Our rates have been about 20 percent less than other utilities in the region over the past two years," said Jorge Cardenas, PSE&G vice president of asset management and centralized services. "In addition, to put this proposed rate reduction into perspective, in 2009 PSE&G's gas supply rate was $1.19 per therm. This year that rate would drop to 34 cents per therm. That is a huge savings."
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