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Air Products axes three major US projects and expects $3.1bn write-down

Gas
February 25, 2025

Air Products has exited three major US projects as its new management focuses on streamlining its backlog and prioritising initiatives that the company believes will drive shareholder value.

The write-downs that attach to the three projects are large, with Air Products expecting a pre-tax charge of up to $3.1bn in its fiscal 2025 second quarter. The costs are spread across asset write-downs and penalties and costs that attach to the termination of contractual commitments.

The three projects are the World Energy sustainable aviation fuel (SAF) expansion, the Massena green hydrogen project in New York, and a Texas-based carbon monoxide facility.

All three projects were announced during Seifi Ghasemi’s tenure as President, CEO, and Chair. The new CEO, Eduardo Menezes, who took the reins earlier this month, has moved quickly.

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Gas
April 17, 2026

Freedom of passage and security to dominate global strait summit

World leaders from around 40 countries (excluding the US) will come together in Paris on Friday (17 April) to establish an international mission to reopen the Strait of Hormuz. The…

Gas
April 17, 2026

NASA tests cost-saving cryogenic tech for spacecraft

By 3 min ago 4 min read US government agency NASA is testing cryogenic technology aimed at reducing future mission costs and extending duration by producing fuel on planetary surfaces.…