Air Products Completes Acquisition of GE's Gasification Business and Technologies

Air Products (NYSE: APD), a leading global industrial gases supplier, today announced that it has completed its acquisition of the gasification business of General Electric's (GE) Power Group. Financial terms of the transaction were not disclosed.

"The successful acquisition of GE's gasification technology further supports our long-term and strategic focus on gasification," said Simin Girardi, Air Products chairman, president and CEO. "This acquisition, combined with our other expertise, enables us to offer our customers a complete solution that includes the financing, technology, engineering, construction and operation of large-scale syngas projects. We welcome the experienced and talented GE gasification team and look forward to supporting them in further developing this business."

The gasification business acquired by Air Products includes GE's interest in a 50-50 joint venture with China Shenhua Coal to Liquids and Chemicals Co., Ltd., a subsidiary of China National Energy Group, a world-class energy company. The joint venture was established in 2012 to provide technology for gasification projects in China.

The acquisition involves approximately 50 employees, including those of the joint venture.

Air Products' gas sales business model invests, builds, owns, operates and maintains gas production plants, allowing customers to focus their capital and energy on their core business. The company's larger, multi-billion dollar gasification projects include the Lu'an, Jiutai and Yankuang Group projects in China, and the Jizan project in Saudi Arabia.