Yahoo Finance Air Products Membrane Solutions Announces Over $70 Million Investment to Expand Missouri Manufacturing and Logistics Center
Expansion Driven by Growing Interest in Energy Transition Technologies in the Biogas, Aerospace and Marine Industries
LEHIGH VALLEY, Pa., May 23, 2024 /PRNewswire/ -- Air Products (NYSE:APD), the global leader in the production of gas separation and purification membranes, today announced it will invest more than $70 million to significantly expand its manufacturing and logistics center in Maryland Heights, near St. Louis, Missouri.
The investment, which is Air Products Membrane Solutions' largest ever, is driven by growing product demand in biogas and hydrogen recovery applications, as well as customer needs for the use of nitrogen for the aerospace industry and cleaner fuels for the marine industry.
"We are excited to announce this investment to significantly expand the footprint and production capacity of our St. Louis manufacturing and logistics center. This expansion shows our commitment to continue to be a leader in the energy transition by creating innovative products for a safer, cleaner and more productive world," said Dr. Erin Sorensen, general manager, Air Products Membrane Solutions. "This expansion also highlights our ongoing commitment to the local community and our talented and motivated employees in the region. We are proud to continue to grow and expand our global manufacturing capabilities in the United States in St. Louis."
The new manufacturing facility is expected to be in production by the end of 2025 and include the addition of 30 new positions. Currently, about 170 employees work at the St. Louis facility. This expansion follows a previous $10 million investment made in 2023 to increase production capacity at the current facility.
"We're pleased to see yet another leading and innovative company like Air Products expanding its presence in the St. Louis region," said Missouri Governor Mike Parson. "The growth of employers like Air Products highlights the value of our state's ideal business climate, strong infrastructure, and skilled workforce. We look forward to Air Products' continued success in Maryland Heights as it invests and creates jobs in the area."
Missouri Department of Economic Development Director Michelle Hataway said, "Air Products' expansion is the latest example of the incredible business growth that's helping Missourians prosper in St. Louis. We appreciate this company's commitment to the community as it creates new opportunities and helps drive economic growth in the region."
Air Products Membrane Solutions specializes in the development of hollow fiber membrane separators and systems for onsite gas generation. Air Products designs, engineers, manufactures, and markets a full portfolio of PRISM® Membrane Separators, Marine Systems, and Engineered-to-Order Systems to protect lives and goods at sea, on land, and in the air. Air Products' systems are also designed to create more sustainable energy sources and raise productivity across a variety of industries and applications.
Air Products Membrane Solutions' key offerings include:
PRISM® Membrane Separators – Consist of thousands of polymeric hollow fibers that act as a molecular filter to separate gases into individual elements, including methane, nitrogen or hydrogen. The membrane separators are offered to value-added packagers as an original equipment manufacturer component inside specialized systems. Industries served include aerospace, offshore drilling, food and beverage, transportation, and defense.
Marine Systems - Air Products is the world's most experienced and largest supplier of marine-based membrane systems serving several market segments including dual-fuel systems, chemical tankers, oil platforms and liquefied natural gas carriers. More than 2,000 ships worldwide currently use separation systems based on Air Products' membrane technology.
Engineered-to-Order-Systems - Large industrial membrane systems for nitrogen generation and process gas applications, which are fully customized to customer specifications serving the oil and gas industry, ammonia plants, chemical manufacturing facilities, and renewable diesel production.
Global Service and Support - Provides maintenance and optimization of membrane systems, offering health checks, replacement parts, remote monitoring, and other services to keep membranes operating at peak performance.
For more information on Air Products Membrane Solutions visit membranesolutions.com.
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 clean hydrogen projects supporting the transition to low- and zero-carbon energy in the heavy-duty transportation and industrial sectors. Additionally, Air Products is the world leader in the supply of liquefied natural gas process technology and equipment, and provides turbomachinery, membrane systems and cryogenic containers globally.
The Company had fiscal 2023 sales of $12.6 billion from operations in approximately 50 countries and has a current market capitalization of over $50 billion. Approximately 23,000 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, X, Facebook or Instagram.
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, 2023 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
