March 19, 2012 London, UK
Air Products (NYSE:APD) today announced it has completed the acquisition of the UK company CryoService Limited, which will now be known as Air Products CryoEase® Services.
This acquisition follows an initial 25 per cent stake in CryoService that Air Products purchased in 1998 and subsequent majority shareholding the company acquired in 2008. For over a decade both businesses have operated in partnership to supply cryogenic and specialist gases to customer's in science, leisure and general industry.
"CryoService's commitment to customer service, innovation and technology operations complement Air Products' business," commented Ivo Bols, Air Products' Vice President and General Manager, Merchant Gases – Europe. "This acquisition demonstrates Air Products sustained commitment to our integrated industrial gas model as a means of creating higher growth and profitability. Complimenting our existing Tonnage, Liquid Bulk and Packaged Gases businesses, the addition of CryoService's microbulk provides us with an even stronger ability to serve our customers' needs by offering them a choice of all modes of supply."
CryoService's existing base in Worcester has become the Air Products' UK and Ireland Centre of Excellence in CryoEase® products and services, as the company plans to extend into new geographies.
CryoEase® services supplies customers that have a small volume requirement with liquid gases via onsite filling. This offers operational and cost advantages to our customers compared to traditional modes of supply.
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About Air Products
Air Products (NYSE:APD) provides atmospheric, process and specialty gases; performance materials; equipment; and technology. For over 70 years, the company has enabled customers to become more productive, energy efficient and sustainable. More than 18,000 employees in over 40 countries supply innovative solutions to the energy, environment and emerging markets. These include semiconductor materials, refinery hydrogen, coal gasification, natural gas liquefaction, and advanced coatings and adhesives. In fiscal 2011, Air Products had sales of $10.1 billion. For more information, visit www.airproducts.com.
Since 1970, CryoService has embraced innovation and new technology to produce a world class solution to the supply of specialist gases. Originally established to provide low-volume cryogenic deliveries to the scientific market, CryoService has developed a reputation as the supplier of choice for critical applications, pioneering a unique delivery service and developing innovative storage solutions that provide tangible benefits to thousands of customers across the UK. The company now supplies an extensive range of cryogenic and specialist gases to a wide range of markets in the science, leisure and industrial sectors. This is complemented by comprehensive equipment options and in-depth application knowledge.