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Air Products Installs Oxy-fuel Solution for Techpack, Korea

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Air Products and Chemicals, Inc. (APD - Free Report) announced that it has commissioned and brought online its second integrated oxy-fuel solution for Techpack Solutions in Korea. The solution provides a number of benefits including lesser emissions and better energy efficiency, productivity and glass quality to the Korean container glass maker.

The integrated solution contains Air Products' oxy-fuel combustion system, including Cleanfire HRi oxy-fuel burners and an automatic flow control skid, along with a PRISM vacuum swing adsorption (VSA) oxygen generator supplying reliable and economical on-site oxygen used to power the oxy-fuel burners for melting glass.

Techpack Solutions will install Air Products' Cleanfire HRe burner, which is the industry's first smart burner and the newest technology. The HRe burner will increase Techpack's furnace control and help them optimize their maintenance schedule.

Air Products is a leader in oxy-fuel technology. This technology provides wide range of benefits such as over 50% reduction in nitrogen oxide emissions, 10-20% in energy savings, about 25% increase in productivity, reduction of capital, and improvement in efficiency and glass quality.

Air Products has been supplying medical gases to its customers for over 70 years. Additionally, it provides equipment, turnkey services and cryogenic services for magnetic resonance imaging (MRI) to hospitals and institutions worldwide.

The company saw higher profits in the second quarter of fiscal 2016 (ended Mar 31, 2016), backed by restructuring and self-help measures. Adjusted earnings of $1.82 per share for the quarter beat the Zacks Consensus Estimate, while revenues of $2,271.2 million missed the same. The company reported double-digit EPS growth for the seventh consecutive quarter.
Air Products expects earnings from continuing operations in the third quarter of fiscal 2016 to be higher than the prior-year quarter by 13%–16%. Management raised its earnings guidance for fiscal 2016 from $7.25−$7.50 to $7.40−$7.55 per share. However, it lowered its capital expenditure guidance by $0.1 billion to $1.2 billion.
Air Products currently has a Zacks Rank #3 (Hold).
Better-ranked companies in the chemicals industry include Innophos Holdings Inc (IPHS - Free Report) , Innospec Inc. (IOSP - Free Report) and Asahi Kasei Corp. (AHKSY - Free Report) , all sporting a Zacks Rank #1 (Strong Buy).
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