Air Products to Acquire GE Gasification Business
November 05 2018 - 2:12PM
Dow Jones News
By Patrick Thomas
Air Products and Chemicals Inc. (APD) said Monday it reached a
deal to buy General Electric Co.'s (GE) gasification business.
Terms of the deal weren't disclosed. The acquisition includes
over 1,000 patents relating to GE's gasification technology.
Pennsylvania-based Air Products, which sells gases and chemicals
for industrial uses, said the deal expands its product offerings
and its presence in global gasification projects.
The acquisition includes GE's share of a joint venture with a
China Energy Group subsidiary. The venture, formed in 2011,
provides technologies for gasification projects in China.
About 50 employees from GE and the joint venture are expected to
join Air Products, the company said.
The GE business acquisition and other recently completed deals
give "Air Products a broad range of product and service offerings
and solutions to provide syngas for chemicals, fuels, power or
refining," Air Products Chief Executive Seifi Ghasemi said in a
prepared statement.
The sale is the latest divestiture GE has announced. This year,
GE, which replaced its chief executive last month, has reached
agreements to sell its transportation business, a portfolio of
energy investments and its intelligent platforms division among
other moves. The company has also said it would spin off its health
unit and pare down its stake in oil-field services company Baker
Hughes.
Last week, the company slashed its dividend and revealed plans
to split its struggling power division, among the first moves GE
CEO Larry Culp is taking to restructure the manufacturing
conglomerate.
Write to Patrick Thomas at patrick.thomas@wsj.com
(END) Dow Jones Newswires
November 05, 2018 13:57 ET (18:57 GMT)
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