2023-07-31 12:54:46 ET
Air Products ( NYSE: APD ) +0.4% in Monday's trading after saying it will make a "significant" investment at its liquefied natural gas equipment manufacturing facility in Florida to increase the company's total manufacturing capacity by nearly 20%; the company did not provide a special amount.
Air Products ( APD ) said the increase is on top of a previous expansion completed in 2019 that raised the facility's original capacity by 60%.
The company said the increased capacity, coupled with new innovations in fabrication methods, will enable it to improve equipment delivery schedules.
Air Products ( APD ) said the majority of total worldwide LNG is produced with the company's technology, including nitrogen and natural gas dehydration membrane systems for offshore platforms, membrane nitrogen generators for LNG carriers, and land-based membrane and cryogenic nitrogen systems for LNG import terminals and baseload LNG plants.
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Air Products to boost manufacturing capacity by nearly 20% with Florida investment