(By Balaseshan) Air Products & Chemicals Inc. (NYSE: APD), a supplier of industrial gas, said it has agreed to expand its existing syngas separation unit (SSU) in Geismar, Louisiana to increase the supply of carbon monoxide (CO).
The increased capacity of CO is mainly for the supply of BASF's publicly-announced world-scale formic acid plant to be built at BASF's Geismar Verbund site.
The facility expansion will also provide Air Products increased hydrogen production for sale to refinery and petrochemical customers along its vast Gulf Coast hydrogen pipeline network system.
The expansion will further support filling of bulk CO tube trailers from its existing Geismar transfill facility. The incremental SSU expansion is expected to commence operations in the second quarter of 2014.
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Air Products has a portfolio of products, services, and solutions that include atmospheric gases, process and specialty gases, performance materials, equipment, and services. It is a supplier of hydrogen and helium and operates in markets, such as semiconductor materials, refinery hydrogen and natural gas liquefaction.
The company has more than 20,000 employees in over 50 countries supplying innovative solutions to the energy, environment and emerging markets. These include semiconductor materials, refinery hydrogen, coal gasification, natural gas liquefaction, and advanced coatings and adhesives. In fiscal 2012, Air Products had sales approaching $10 billion.
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APD is trading down 0.47% at $79.85 on Thursday. The stock has been trading between $76.11 and $92.79 for the past 52 weeks.