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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
August 11, 2026

Venture Global records $1.3bn quarterly profit

©Venture Global / CP2 You’ve read 1 of 1 of your free articles this month. By 48 min ago 2 min read Venture Global posted a $1.3bn profit in Q2…

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Cardinal announces ‘world’s first’ float glass carbon capture system in Washington

By 25 min ago 3 min read Minnesota-headquartered glass manufacturing company Cardinal Glass Industries (Cardinal) plans to capture around 130,000 metric tonnes of carbon dioxide (CO2) each year through a…