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Financials : Banks | Large Cap ValueCompany profile

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S. Trust, Bank of America Private Wealth Management; Global Banking, which provides a range of lending-related products and services; Global Markets, which offers sales and trading services, and All Other, which consists of equity investments, residual expense allocations and other.

Closing Price
$27.03
Day's Change
0.78 (2.97%)
Bid
--
Ask
--
B/A Size
--
Day's High
27.12
Day's Low
26.44
Volume
(Average)
Volume:
70,841,690

10-day average volume:
70,379,365
70,841,690

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

6:30 am ET August 5, 2019 (PR Newswire) Print

Air Products (NYSE: APD) today announced it has completed the acquisition of General Electric Company's ("GE") gasification business from GE Power. Financial terms of the transaction are not being disclosed.

"The successful acquisition of the GE gasification technology further supports our long-term, strategic focus on gasification. This acquisition, combined with our other capabilities, gives us the ability to provide a complete solution to our customers, including financing, technology, engineering, construction, and operation of large syngas projects. We welcome the experienced and talented GE gasification team and look forward to supporting them to further grow the business," said Seifi Ghasemi, chairman, president and chief executive officer at Air Products.

The gasification business acquired by Air Products includes GE's share of its 50/50 joint venture (JV) with China Shenhua Coal to Liquid and Chemical Company, Ltd., a subsidiary of China Energy Group, a world-class energy company. The JV, formed in 2012, provides technologies for gasification projects in China.

The acquisition includes approximately 50 total employees, including employees of the JV.

In Air Products' sale-of-gas business model, the company finances, builds, owns, operates and maintains the gas production plant so its customers can focus their attention and capital on their primary business. Examples of larger-scale, multi-billion-dollar gasification projects include the Lu'an, Juitai and Yankuang Group projects in China, as well as the Jazan project in Saudi Arabia.

About Air ProductsAir Products (NYSE:APD) is a world-leading industrial gases company in operation for over 75 years. The company provides industrial gases and related equipment to dozens of industries, including refining, chemical, metals, electronics, manufacturing, and food and beverage. Air Products is also the world's leading supplier of liquefied natural gas process technology and equipment.

The Company had fiscal 2018 sales of $8.9 billion from operations in 50 countries and has a current market capitalization of about $50 billion. Approximately 16,000 passionate, talented and committed employees from diverse backgrounds are driven by Air Products' higher purpose to create innovative solutions that benefit the environment, enhance sustainability and address the challenges facing customers, communities, and the world. For more information, visit www.airproducts.com.

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the company's Form 10K for its fiscal year ended September 30, 2018.

https://c212.net/c/img/favicon.png?sn=PH31959&sd=2019-08-05

View original content:http://www.prnewswire.com/news-releases/air-products-completes-acquisition-of-ges-gasification-business-and-technology-300896203.html

SOURCE Air Products

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