Air Products Takes Majority Ownership In Largest Industrial Gas Company in Taiwan

11-Jul-2002

LEHIGH VALLEY, Pa., July 9, 2002 - Air Products and chemicals, Inc.announced today that it has increased its ownership to 70% in San Fu Chemical Company, Ltd., the largest industrial gas company in Taiwan.

Since 1987, Air Products has had a joint venture arrangement with San Fu, holding just under a 50 percent interest in the company. The Taiwanese shareholders, who formed the business in 1952, will remain a partner in the joint venture. Financial terms of the transaction were not disclosed.

San Fu is a full-service industrial gas and chemical company with a broad product portfolio supplying specialty gases, electronic piping and equipment, liquid/bulk gases, pipeline/on-site gases and chemicals to the Taiwan marketplace. With estimated sales revenue of NT$7.0 billion (U.S. $200 million) in 2001, the majority of the company's customer base is in electronics, chemical process industries, metals and merchant markets.

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