Air Products Completes Acquisition of Five Operating Hydrogen Plants for $530 Million from PBF Energy
Air Products and Chemicals, Inc. (APD)
Last air products and chemicals, inc. earnings: 4/23 06:00 am
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Source: PR Newswire
LEHIGH VALLEY, Pa., April 20, 2020 /PRNewswire/ -- Air Products (NYSE: APD) today announced it has completed the $530 million acquisition of five steam methane reformer (SMR) hydrogen production plants from PBF Energy Inc. (NYSE: PBF), and has commenced the long-term supply of hydrogen from those plants to PBF refineries. The newly acquired Air Products' SMRs, with a combined production capacity of almost 300 million standard cubic feet per day, are located in Torrance and Martinez, California and Delaware City, Delaware. Air Products initially announced this now closed deal on March 30."We are very pleased that in close cooperation with our long-standing partner PBF, which is one of largest independent refiners in North America, that we have been able to close on this transaction in record time. We have now started supplying hydrogen to PBF from the five SMRs that we have purchased from them. This deal is an excellent example and demonstrates our ability to execute our strategy of in
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