Air Products’ Board of Directors extends Seifi Ghasemi’s term as Chairman, President and Chief Executive Officer

Air Products’ Board of Directors today announced an amendment to the employment agreement with Air Products’ chairman, president and chief executive officer, Seifi Ghasemi, further extending his term, said the company.

The Company has entered into a new amended agreement that will initially extend Ghasemi’s employment term to September 30, 2028. On September 30, 2024 and each year thereafter, the contract term will automatically renew to be a five-year term unless either party terminates the agreement at the latest, four years ahead of its then expiration date.

Commenting on the Board’s action, Edward L. Monser, lead director, said, “Since becoming Air Products’ Chairman, President and Chief Executive Officer nearly nine years ago, Seifi has led the company’s transformation into the world’s most profitable industrial gases company. He is a model for creating shareholder value while building an inclusive culture where employees act with integrity, commitment and purpose. The Board’s action to extend Seifi’s employment agreement while maintaining our strong focus on his succession provides clarity and certainty for years to come and reflects our continued confidence in his ability to deliver.”

Ghasemi said, “It has been an honor and a privilege for me to work alongside the dedicated, talented and motivated team at Air Products. Working together over the past nine years, we have increased the market capitalization of Air Products from about $20 billion to more than $60 billion. Air Products has a tremendous growth strategy, underpinned by our core industrial gas business and by being the leader in the production and distribution of low- and zero-carbon hydrogen that will help to decarbonize the world. I do look forward to working with our outstanding team at Air Products to innovate, continue to serve our customers and create additional shareholder value for many years to come.”

We remind, the Board of Directors of Air Products declared a quarterly dividend of USD1.75 per share of common stock. The dividend is payable on August 14, 2023 to shareholders of record at the close of business on July 3, 2023.

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Amcor, a global leader in developing and producing responsible packaging solutions, announced that it has signed a definitive agreement to acquire Moda Systems, a leading manufacturer of state-of-the-art, automated protein packaging machines, said the company.

Based in New Zealand, privately-held Moda Systems designs, assembles, and supports innovative, high-performance modular vacuum packaging solutions for the meat, poultry, and dairy industries. The acquisition will complement Amcor’s existing strength in film, positioning the company to offer an end-to-end packaging solution that encompasses primary packaging, equipment, on-site technical service, and parts.

“This acquisition will enable Amcor to offer an exciting new option and choice in automated protein packaging, making us the only flexible packaging manufacturer to own a high-speed, rotary equipment solution for fresh meat,” said Amcor Flexibles North America (AFNA) President Fred Stephan. “Combined with our best-in-class film portfolio, we see great strategic value in adding Moda’s automation technology, and technical expertise and services, for a range of customizable format solutions beyond a standard shrink bag. This transaction will enable Amcor to further enhance our winning value proposition for our global protein processing customers."

Moda’s rotary vacuum system improves operational efficiencies for protein producers, enabling them to optimize labor, improve safety, and reduce waste. The system is designed for ease of use in connecting, operating, maintaining, and cleaning and improves throughput and quality. Combined with Amcor’s portfolio of meat, poultry, seafood, and cheese shrink packaging options, this new solution is expected to further enhance the value Amcor delivers to protein producers.

"We’re delighted to join forces with Amcor, an industry leader that shares our commitment to innovation and customer service and support,” said Moda Systems Founder and CEO Richard Newcombe. “Together, we will deliver innovative expertise at scale, with a mutual dedication to outperformance. Our complementary capabilities will accelerate Moda’s founding mission to offer the most advanced vacuum packaging solutions for our customers."

The acquisition is subject to customary closing conditions and is expected to be completed in the June 2023 quarter.

We remind, Amcor, a global leader in developing and producing responsible packaging solutions, today announced a joint research project agreement with Nfinite Nanotechnology Inc. to validate the use of Nfinite’s nanocoating technology to enhance both recyclable and compostable packaging.

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The Board of Directors of Air Products declared a quarterly dividend of USD1.75 per share of common stock, said the company.

The dividend is payable on August 14, 2023 to shareholders of record at the close of business on July 3, 2023.

We remind, Air Products has signed an agreement with Aers Energy Belgie to develop a multi-fuel, hydrogen refueling station for trucks. It will be located on a concession in the port of Zeebrugge, which Aers Energy Belgie has been awarded. Within this location, Aers will also operate a new secure truck stop, rest area, convenience store and restaurant.

Air Products is a world-leading industrial gases company in operation for over 80 years focused on serving energy, environmental, and emerging markets. The Company has two growth pillars driven by sustainability. Air Products’ base business provides essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemicals, metals, electronics, manufacturing, and food.

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TotalEnergies SE is collocating what will become Belgium’s first battery-based energy storage system (BESS) at the operator’s 338,000-b/d integrated refining and petrochemical platform near the Port of Antwerp in the Antwerp-Rotterdam-Amsterdam (ARA) multi-port refining, trading, and storage hub, said the company.

Launched as part of a portfolio of activities in renewables and electricity to support TotalEnergies’ ambition to achieve net zero by 2050 and help meet challenges of balancing electricity grids, the proposed 25-Mw Antwerp BESS will consist of 40 Intensium Max High Energy lithium-ion containers supplied by subsidiary Saft Group SA that have a total storage capacity of 75 Mw-hr, equivalent to the daily consumption of nearly 10,000 households, the operator said on May 15.

Scheduled to be operational by yearend 2024, TotalEnergies said the Antwerp BESS specifically will help meet European and Belgian high-voltage transmission network needs 24 hr/day, 7 days/week by smoothing daily power fluctuations in the national grid, especially during peak winter periods, and guaranteeing grid security by actively contributing to the national grid's reserve services.

The proposed Antwerp industrial-scale stationary energy storage project also will enable more renewable electricity to be integrated into the Belgian and broader European grids to help ensure their stability, according to the operator.

Selected for collocation at the Antwerp platform to benefit from the site’s available land and its grid connection, the planned storage project forms a new step in TotalEnergies' development of BESSs, which aims to strengthen the company's presence across the entire electricity value chain—including production, storage, and supply—in Belgium, the operator said.

Because they can be deployed quickly, have a limited footprint, and high reactivity, batteries effectively respond to the growing need for grid balancing and are essential to supporting greater development of renewable energies by compensating for the intermittency introduced by these energies, TotalEnergies said.

As part of its multi-energy strategy, TotalEnergies intends to continue deploying energy storage solutions, notably in countries where it is actively developing renewable energies, said Olivier Jouny, the operator’s senior vice-president of integrated power.

We remind, TotalEnergies and Paprec, leader in plastic recycling in France, have signed a long-term commercial agreement to develop a French value chain for advanced recycling of plastic film wastes. The agreement will secure the supply of TotalEnergies' future advanced plastic recycling plant in Grandpuits. Following the terms of this agreement, Citeo, the main organization in charge of end-of-life household packaging in France, will provide a stream of flexible plastic waste sorted from post-consumer packaging.

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LANXESS will be at the Battery Show Europe showcasing its portfolio for batteries for electric and hybrid vehicles, said the company.

The event in Stuttgart is Europe’s largest trade fair for cutting-edge technologies and production processes in this fast-growing segment.

LANXESS offers numerous key raw materials along the entire value chain for the production of lithium-ion batteries. These include raw materials for cathode materials and electrolytes, ion exchange resins for extracting and recycling ultra-pure metal compounds for cathode materials, coolants and colorants for high-voltage applications as well as polyurethane (PU) casting compounds for protecting electronic battery components. Another key product area features flame retardants for high-performance plastics and non-flammable electrolytes that help to improve safety inside and outside battery cells.

The company positions itself as a sustainable and reliable supplier of materials for European battery producers. “Our extensive product range allows us to provide support for setting up local value chains,” says Dr. Martin Saewe, who is heading LANXESS’s initiative for electromobility and circular economy. “Among the areas that we are focusing upon are concepts for establishing circular material flows in the recycling of batteries, further improving the carbon footprints of electric vehicles."

We remind, Advent and LANXESS announced the envisaged establishment of an Advent controlled, leading global engineering materials joint venture company with sales of around EUR3 billion, combining the DSM Engineering Materials business with LANXESS’ High Performance Materials business.

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