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AIR PRODUCTS & CHEMICALS

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Air Products & Chemicals : in $250 Million China Coal-to-Syngas Venture

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09/09/2019 | 12:26pm EDT

By Colin Kellaher

Air Products & Chemicals Inc. (APD) on Monday said it formed a joint venture with Debang Xinghua Technology Co. that will invest about $250 million to build, own and operate a coal-to-syngas processing facility in Jiangsu Province, China.

Air Products said it will own 80% of the venture, which will own and operate the air-separation unit, gasification and purification assets under a 20-year contract for a fixed monthly fee, supplying syngas to support Debang Group's chemicals facilities.

Debang Xinghua, a unit of China's Jiangsu Debang Chemical Industrial Group Co., will own the remaining 20%.

Air Products, an Allentown, Pa., industrial gases company, said it expects the project will be onstream in 2023.

Write to Colin Kellaher at colin.kellaher@wsj.com

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Financials (USD)
Sales 2019 9 067 M
EBIT 2019 2 205 M
Net income 2019 1 773 M
Debt 2019 1 188 M
Yield 2019 2,06%
P/E ratio 2019 27,9x
P/E ratio 2020 24,1x
EV / Sales2019 5,53x
EV / Sales2020 5,26x
Capitalization 48 972 M
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 239,36  $
Last Close Price 222,24  $
Spread / Highest target 21,5%
Spread / Average Target 7,71%
Spread / Lowest Target -16,8%
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Managers
NameTitle
Seifollah Ghasemi Chairman, President & Chief Executive Officer
Michael Scott Crocco Chief Financial Officer & Executive Vice President
Alyssa A. Budraitis Chief Information Officer & Vice President
Margaret G. McGlynn Independent Director
Chadwick C. Deaton Lead Independent Director
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