LNG Market Leader Focused on Meeting Industry Demand
LEHIGH VALLEY, Pa., July 31, 2023 /PRNewswire/ -- Air Products (NYSE: APD), the world's leader in liquefied natural gas (LNG) technology and equipment, today announced it will be making a significant investment to meet industry demand with increased winding capacity at its LNG equipment manufacturing facility located in Port Manatee, Florida. Air Products expects that this increase in capacity, coupled with new proprietary innovations in fabrication methods, will enable Air Products to improve equipment delivery schedules.
Winding is a fabrication process for the internal components of coil-wound heat exchangers (CWHE) in which layers of tubes are wound around a central mandrel. This investment will increase Air Products' manufacturing capacity by almost 20 percent. This is on top of a previous expansion completed in 2019 that increased the facility's original capacity by 60 percent. Known for reliability and efficiency, Air Products' liquefaction process technologies and equipment are used to produce a majority of the total worldwide LNG.
"This continued investment in our manufacturing capacity reflects Air Products' commitment to serving the needs of the LNG industry with unrivaled liquefaction process technology and equipment. As the use of LNG continues to increase around the world with strong demands for clean, reliable, and affordable energy, we are investing in our business to ensure we meet the needs of our customers with proven reliability and on-time delivery of our world-leading technology," said Dr. John Palamara, Air Products' General Manager, LNG.
Air Products opened its world-class LNG equipment manufacturing facility in Port Manatee in January 2014 and rolled out its first LNG heat exchanger from the facility in September 2016. Over 20 CWHEs have been shipped since. In October 2019, the first plant expansion was completed, following the installation of a new LNG Equipment Test Facility (ETF). The ETF allows for the collection of data to develop the next generation of innovative CWHEs. The Port Manatee facility also builds other specialty cryogenic and gas processing equipment for air separation and hydrocarbons, including columns, vessels, cold boxes, prefabricated plant modules, and skids.
Air Products' proprietary LNG process technology and equipment, vital to helping meet the world's increasing energy needs and desire for clean energy, processes and cryogenically liquefies valuable natural gas for consumer and industrial use. For over 50 years Air Products has manufactured LNG heat exchangers, which currently operate in over 100 LNG trains in 20 countries around the world.
Typically, an LNG heat exchanger can be as large as over 15 feet (5 meters) in diameter and 180 feet (55 meters) long. A finished unit can weigh as much as 500 tons. Photos of Air Products' LNG technology can be downloaded for publication with proper attribution at http://prphotolibrary.airproducts.com/ImageViewer.aspx?q=LNG.
Air Products' LNG process technology and equipment is the heart of an LNG production plant. The technology, in place at some of the most remote locations around the world, takes natural gas and unlocks its value by liquefying it and making it possible to ship it economically. The LNG is eventually re-gasified for energy uses.
The majority of total worldwide LNG is produced with Air Products' technology. In support of the LNG industry, Air Products provides process technology and key equipment for the natural gas liquefaction process for large export plants, small and mid-sized LNG plants, floating LNG plants and LNG peak shavers. Upstream, Air Products provides both nitrogen and natural gas dehydration membrane systems for offshore platforms. Downstream, Air Products provides membrane nitrogen generators for LNG carriers and land-based membrane and cryogenic nitrogen systems for LNG import terminals and baseload LNG plants.
For more information on Air Products' LNG process technology and equipment, visit https://www.airproducts.com/lng.
About Air Products
Air Products (NYSE: APD) is a world-leading industrial gases company in operation for over 80 years focused on serving energy, environmental and emerging markets. The Company has two growth pillars driven by sustainability. Air Products' base business provides essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemicals, metals, electronics, manufacturing and food. The Company also develops, engineers, builds, owns and operates some of the world's largest industrial gas and carbon-capture projects, supplying world-scale clean hydrogen for global transportation, industrial markets and the broader energy transition. Additionally, Air Products is the world leader in the supply of liquefied natural gas process technology and equipment, and globally provides turbomachinery, membrane systems and cryogenic containers.
The Company had fiscal 2022 sales of $12.7 billion from operations in over 50 countries and has a current market capitalization of over $65 billion. More than 21,000 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 reimagine what's possible to address the challenges facing customers, communities, and the world. For more information, visit www.airproducts.com or follow us on LinkedIn, Twitter, Facebook or Instagram.
Air Products Cautionary Note Regarding Forward-Looking Statements
This release contains "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 expectations and assumptions as of the date of this release and are not guarantees of future performance. While forward-looking statements are made in good faith and based on assumptions, expectations and projections that management believes are reasonable based on currently available information, actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors, including the risk factors described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2022 and other factors disclosed in our filings with the Securities and Exchange Commission. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in the assumptions, beliefs or expectations or any change in events, conditions or circumstances upon which any such forward-looking statements are based.
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SOURCE Air Products
