Air Products exit energy-from-waste business

Air Products to exit energy-from-waste business

6:11 AM, 6th April 2016
Air Products to exit energy-from-waste business

LEHIGH VALLEY, US: Air Products said that it will exit its energy-from-waste (EfW) business. As a result, the EfW business segment will be accounted for as a discontinued operation effective in the company’s second fiscal quarter. Also in the second quarter, Air Products expects to record a pre-tax charge in the range of $900 million to $1.0 billion in discontinued operations, primarily to write down assets associated with the EfW business to their realizable value.

Air Products’ management has communicated the challenges with the Tees Valley, UK projects. Testing and analysis completed during the company’s fiscal second quarter indicated that additional design and operational challenges would require significant time and cost to rectify. Consequently, the board of directors has decided that it is no longer in the best interest of the company and its shareholders to continue the Tees Valley projects. Air Products will work to optimize the cash value of its investments. Exiting the EfW business will allow the company to direct its resources to its core business of industrial gases.

“Air Products is focused on our core industrial gas business. We pushed very hard to make this new EfW technology work and I would like to thank the team who worked so diligently. We are also disappointed with the outcome,” said Seifi Ghasemi, chairman, president and CEO, Air Products.

© Worldofchemicals News


Read the latest news on Air Products:

Air Products to provide Prism membrane separators in China

0 Comments

Login

Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News


Honeywell names new president and COO

MORRIS PLAINS, US: Honeywell International Inc has appointed Darius Adamczyk (50) to the newly created role of president and chief operating officer ( ...

Read more
Enterprise Products prices $1.25 billion of senior unsecured notes

HOUSTON, US: Enterprise Products Partners LP said that its operating subsidiary, Enterprise Products Operating LLC (EPO), has priced a public offering ...

Read more
Indorama Ventures acquires BP’s Alabama petrochem complex

BANGKOK, THAILAND: Indorama Ventures Public Company Limited (IVL) has acquired the PX, PTA (1,020,000 tonne) and NDC (naphthalene dicarboxylate) asset ...

Read more
KMG acquires electronic chemicals maker Nagase FineChem

FORT WORTH, US: KMG said it has acquired Nagase FineChem (NFC), a Singapore-based manufacturer of electronic chemicals. KMG and Nagase Singapore Ltd ...

Read more
BP, Kuwait Petroleum sign oil, gas, petrochemicals cooperation agreement

KUWAIT: BP Plc and Kuwait Petroleum Corporation (KPC) have signed a framework agreement to explore possible joint opportunities for investment and coo ...

Read more
Axiall rejects revised takeover proposal from Westlake

ATLANTA, US: Axiall Corporation has confirmed that it has received, and rejected, a revised proposal from Westlake Chemical Corporation to acquire all ...

Read more