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39 min ago 2 min read
Air Products is focusing on eight end markets as it strives to support customers and mitigate risks through the current energy crisis.
The top two, energy and chemicals, both account for 21% share. Energy is seeing higher volumes driven by increased production at refineries while chemicals is experiencing stable volumes outside Europe, and set for a ramp up of a new asset in Americas in the second half of this year.
Speaking on today’s call, in which Air Products recorded a $753m operating income, CEO Eduardo Menezes said, “Given the ongoing conflict in the Middle East, we are closely engaged with each end market – we are also working strategically beyond current events to fully participate in compelling end market growth.”
Electronics (17%) – “a big bright spot” – is showing resilient volumes in Asia and Americas, and partial benefitting from ramping up of new assets in Asia, while Metals (15%) is undergoing pressure from imports in Europe which is limiting margins, but volumes are stable in other regions. Menezes was particularly upbeat about , despite the current global supply chain challenges.
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