Air Products and Chemicals to build, own and operate two nitrogen plants in northern Malaysia - 69News WFMZ-TV

Air Products and Chemicals to build, own and operate two nitrogen plants in northern Malaysia | Inside Your Town | wfmz.com

Air Products and Chemicals Inc. plans to build, own and operate two nitrogen plants in northern Malaysia, expanding its presence in the southeast Asian country.

"This strategic investment in additional capacity and infrastructure will strengthen Air Products' leading position in northern Malaysia and its capability to meet market needs," according to a company statement. Air Products will also expand its pipeline network near the plants, both planned for the Malaysian state of Penang.

The nitrogen plants will supply manufacturing companies, Air Products said in the statement.

Upper Macungie Township-based Air Products has been operating in Malaysia since 1974, according to the company statement. It has nine production facilities, along with depots throughout the country to supply gases to the electronics, steel, chemicals, metals, food, glass and other industries.

"Air Products has a long-standing presence in Malaysia with a leading position in the northern region," Ramani Velu, the company's Southeast Asia President, said.

Malaysia has about 34 million people, making it the 45th-most populous country. The South Chinea Sea splits the country into two territories: Peninsular Malaysia and East Malaysia.

Air Products' sales in fiscal 2022 were $12.7 billion. It operates in more than 50 countries and employs more than 21,000 people.

Shares in Air Products are traded under the ticker symbol APD on the New York Stock Exchange. The closing price Thursday was $282.00. U.S. stock markets were closed Friday for the Good Friday holiday.

In the past 52 weeks, the shares have traded as high as $328.56 and as low as $218.88. The shares have fallen 8.5% in 2023. At the current share price, the company's market capitalization is $62.6 billion.