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Leading industrial gas company Air Products and Chemicals Inc. (
- Analyst Report
has achieved an important landmark as it has reportedly manufactured the 100th liquefied natural gas (LNG) heat exchanger at its Wilkes-Barre facility in Pennsylvania.
The milestone unit will be placed in 2014 for the “Donggi-Senoro” LNG Project in Indonesia, the company’s fourth project in that country. Air Product has also supplied its technology in the PT Arun, PT Badak and Tangguh LNG projects in Indonesia.
Air Products’ proprietary LNG technology, which is available across 15 nations globally, processes and cryogenically liquefies natural gas for consumer and industrial application. This industry leading technology has been designed to address the growing energy needs across the globe.
Air Products provides process technology and key equipment to the LNG industry for natural gas liquefaction process as well as small and middle-level LNG facilities. The LNG technology is gaining importance as it meets the increasing global need for cleaner energy.
Most of the LNG manufactured globally leverages Air Products’ technology. In addition to Indonesia, the company has shipped its LNG heat exchangers to other remote places across the world including locations in Algeria, Nigeria, Peru, Malaysia, Egypt, Oman, Yemen and Qatar. The company has placed more than 80 heat exchangers for LNG projects from its Wilkes-Barre plant over the last 40 years.
Air Products, which competes with Praxair Inc. ( PX - Analyst Report ) , had sales of $10.1 billion in 2011. It offers industrial gases as well as a variety of polymer and performance chemicals and serves technology, energy, industrial and health care customers globally.
Air Products benefits from a long-term take-or-pay contract, a consolidated industry structure, diverse customer base and sustained pricing power. The company’s healthy project backlog and solid bidding activity strongly position it to achieve its long-term growth target. However, soaring energy and raw material costs pose a threat to margin expansion.
We currently have a long-term Neutral recommendation on Air Products, which is in agreement with a short-term Zacks #3 Rank (Hold).
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