Air Products Fully Acquires Joint Venture with Chinese Manufacturer

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Researched by Industrial Info Resources (Sugar Land, Texas)-- Air Products and Chemicals Incorporated (NYSE:APD) (Allentown, Pennsylvania) announced that it has acquired all of the stock of its joint venture with Changzhou Shanfeng Chemical Corporation Limited (Shanfeng Chemical) (Jiangsu Province). The joint venture's brand of Triethylene Diamine (TEDA) will be terminated, and the products will be distributed in the name of Air Products' catalyzer.

"The move is a new step to expand Air Product's business," said an Air Products department manager based in Asia. "The company will invest more resources on the facilities in China and Asia to fulfill Air Products' global strategy."

The joint venture was founded in 2005 with an investment value of $9.86 million. Shanfeng Chemical, which specializes in the production of fine chemicals, is one of China's largest TEDA manufacturers, producing 500 tons per year of the product.

TEDA is an important catalyzer in the production of polyurethane foam, which is widely used in making furniture, shoes and construction material, among other things. With China becoming the world's manufacturing center, the country's polyurethane market is increasing by 10% every year, promising quick growth for TEDA sales. According to Britain's IAL Consultants, China's polyurethane production will rise to about 4 million tons in 2009 from 2.7 million tons in 2004.

Air Products entered the Chinese market in 1985 by founding a manufacturing plant in Shenzhen City. With 15 plants now across China, Air Products has become a major TEDA supplier in the country.

With annual revenues reaching $10 billion, Air Products is ranked 275th in sales in Fortune magazine's April 2007 list of the 500 largest U.S. corporations. Its business ranges from tonnage gases, equipment and energy, electronics and performance materials to merchant gases and healthcare. The company has operations in more than 40 countries and employs more than 22,000 people.

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