(APD - Free Report
) is set to increase product pricing and monthly service charges in North America.
The company will raise the prices of liquid argon, liquid and bulk helium up to 20%. Prices of liquid oxygen, liquid nitrogen, liquid and bulk hydrogen will increase up to 15%. Liquid carbon dioxide prices will be raised by up to 10%. Additionally, tank monthly service charges will rise up to 10%.
The price hike is due to several factors including supply and demand imbalances which drive-up production and product distribution costs, increases in operating costs, plant maintenance, and employee labor and benefits.
Air Products, which is among the prominent chemical makers along with BASF S.A. (BASFY - Free Report
) , Eastman Chemical Company (EMN - Free Report
) and Celanese Corporation (CE - Free Report
) , is well placed to leverage the cyclical recovery in core industrial end-markets. The company has built a strong project backlog. These projects are expected to be accretive to earnings and cash flow over the next few years. Acquisitions and new business wins are expected to continue to drive results. The company is also progressing well with its $600 million cost-cutting program.
Air Products also has significant amount of cash to invest in its core industrial gases business. The company expects to deploy roughly $8 billion in strategic, high-return opportunities to create shareholders value over the next three years.
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