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Air Products to expand capacity at Florida plant that makes 500

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Jul 15, 2023

Air Products to expand capacity at Florida plant that makes 500

WFMZ.com Reporter A completed LNG heat exchanger manufactured at Air Products' Port Manatee facility is being loaded on a carrier at the Port of Manatee for shipment to the customer. Air Products

WFMZ.com Reporter

A completed LNG heat exchanger manufactured at Air Products' Port Manatee facility is being loaded on a carrier at the Port of Manatee for shipment to the customer.

Air Products plans a "significant investment" at a Florida plant that makes 500-ton pieces of equipment for processing liquefied natural gas (LNG).

The Upper Macungie Township-based industrial gas company did not put a specific dollar figure on how much it will spend to expand the operation at Port Manatee, on Florida's Gulf Coast in the Tampa/St. Petersburg area.

The factory's products include "coil-wound heat exchangers" that are used to cool and liquefy natural gas. The LNG can then be shipped and, at its final destination, converted from liquid into gas for use as clean energy. Some natural gas is produced at remote locations and must be liquefied for cost-effective shipping.

An LNG heat exchanger can be 15 feet in diameter and as long as 180 feet, according to an Air Products statement. An exchanger may weigh as much as 500 tons.

"As the use of LNG continues to increase around the world with strong demands for clean, reliable and affordable energy, we are investing in our businesses to ensure that we meet the needs of our customers," Dr. John Palamara, Air Products' general manager for LNG, said in the statement.

The investment in Port Manatee will increase Air Products' capacity for making heat exchangers by almost 20%, according to the statement. The company said its technology and equipment produces are majority of LNG worldwide.

The Port Manatee LNG-equipment plant opened in 2014. It also makes cryogenic (low temperature) and gas-processing equipment.

Shares of Air Products are traded on the New York Stock Exchange under the ticker symbol APD. The closing price Monday was $305.33. In the past 52 weeks, shares have traded as high as $328.56 and as low as $224.75.

The company has a market capitalization (share price times number of shares outstanding) of $67.8 billion.

WFMZ.com Reporter

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