Air Products & Chemicals Inc.
) announced that it has licensed its adsorption-based monomer
recovery technology to Cryo Technologies (Allentown, PA), a
supplier of custom engineered process equipment.
Air Products' technology has been developed in collaboration with
the Department of Energy (DOE) under the Industrial Technologies
program and this program helps in recovering 100% hydrocarbons
and nitrogen, leading to a nitrogen product, which is highly
The technology involves lesser maintenance cost compared with its
competitors and is suitable for new and world-scale plants. The
technology also provides short payback period on invested capital
and enables polyolefin manufacturers to avoid flaring that
results in emissions of nitric oxide, volatile organic compounds,
carbon monoxide, and carbon dioxide.
Air Products selected Cyro Technologies for the license agreement
after thorough research and believes that it has the requisite
expertise to meet the specific requirements of the customers and
offer them with viable solutions. Air Products believes that Cyro
technologies will be in sync with its plans to drive
profitability and sustainability.
Along with Air Products' proprietary adsorption-based technology,
Cyro Technologies will be able to design and offer Air Products'
unreacted olefin recovery technology to the petrochemical
industry. Also, Cyro Technologies will help polyethylene and
polypropylene production facilities to improve their economics
and minimize emissions in their monomer recovery processes.
In Jan 2013, Air Products logged fiscal 2013 first-quarter
(ended Dec 31, 2012) earnings of $1.30 a share, beating the Zacks
Consensus Estimate by a penny. Consolidated net income from
continuing operation increased 22.6% year over year to $276.9
Air Products' revenues rose 10.4% year over year to $2,562.4
million in the first quarter, beating the Zacks Consensus
Estimate of $2,471 million. Sales were aided by higher volumes in
the Tonnage Gases, Equipment and Energy divisions and
Air Products anticipates earnings for fiscal 2013 to be in the
range of $5.70 to $5.90 per share, up from its previous guidance
of $5.65 and $5.85 per share. The company has projected earnings
in the band of $1.34 to $1.39 per share for the second quarter of
Air Products currently holds a Zacks Rank #2 (Buy). Other
companies in the chemical industry having favorable Zacks Rank
Akzo Nobel NV
LyondellBasel Industries NV
). All of them carry a Zacks Rank #2 (Buy).
AKZO NOBEL NV (AKZOY): Free Stock Analysis
AIR PRODS & CHE (APD): Free Stock Analysis
AXIALL CORP (AXLL): Free Stock Analysis
LYONDELLBASEL-A (LYB): Free Stock Analysis
To read this article on Zacks.com click here.