Issue Date: January 30, 2017
Air Products details bid for China’s Yingde
Air Products & Chemicals is willing to pay more than $1.3 billion to acquire the Chinese industrial gas firm Yingde Gases. Air Products CEO Seifi Ghasemi elaborated on the offer in a letter to Yingde’s board. The offer represents a 92% premium over Yingde’s share price in December, before Air Products indicated its interest in buying the company. Yingde had 2015 sales of about $1.1 billion and operating profits of nearly $300 million.
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