Air Products Signed a Massive Foreign Investment in Clean Coal Projects With China

Air Products (NYSE:APD) today announced its participation in the Signing Ceremony of Key Foreign Investment Projects in Pudong, Shanghai held on 25 February. At the event, the company signed an agreement to further its investment in this emerging region and reinforce and extend its long-term commitment to the China market.

The agreement was signed between Air Products and the local government of Zhangjiang Administrative Bureau of Shanghai FTZ, which is home to the company's China headquarters with its world-class engineering, technology, gasification project execution, strategic sourcing and IT application capabilities. Air Products was awarded Top Ten Best Practices of China Headquarters in Pudong, Shanghai in 2018 from the local government in recognition of its high growth and innovation. The company has been continually building its capabilities, including further expansion of its state-of-art Asia Technology Center to accelerate innovation to support China and Asia markets through its advanced application technologies. 

Amid the outbreak of novel coronavirus (COVID-19), the ceremony adopted an innovative approach to conduct signings via online and offline channels at different locations to protect the safety and health of attending representatives from the governments, companies and media. Twenty-one foreign investment projects—including smart manufacturing, supply chain management, medical supplies and equipment—funded by industry-leading players from the United States, Singapore, United Kingdom, Japan and Switzerland, among others were signed.

"We are confident of China's effort to fight against the virus and create sustainable economic growth," said Saw Choon Seong, China president at Air Products. "China is strategically important to Air Products, and we have been serving this market for 33 years. With a focus on energy, environmental and emerging markets, we will continue to broaden and deepen investments in our base and new businesses, including merchant gas, large-scale air separation, coal gasification, hydrogen energy, and sustainable gas application solutions. We will also leverage our integrated gas supply and cost-effective solutions to support customers' needs in this challenging time."

Air Products has been contributing to COVID-19 recovery efforts in China, including the recent grant of $100,000, approximately 700,000 renminbi, from the Air Products Foundation, and an earlier donation of $70,000 (500,000 renminbi), from Air Products China to the Red Cross in China to support the most urgent medical care needs. In addition, the company has continued to deliver needed medical liquid oxygen and helium to hospitals.

Air Products has been operating in China since 1987 and was one of the first multinational industrial gas corporations to invest in the country. With over 70 operating entities, 170 production facilities, and nearly 4,000 employees, the company has already established a strong market position in China, serving a broad range of industries and supporting their transformation and upgrading.

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