Air Products and Chemicals has put its South Korean unit up for sale for an estimated $3.6bn which will be used to back its blue hydrogen business, according to reports.
The industrial gas giant selected Citigroup Global Markets to lead the transaction, which H2 View understands is scheduled to be completed by the end of the year (2024).
The US headquarters and its affiliates, Air Products Manufacturing and Air Products International, own 33.9%, 24.5% and 41.6%, respectively. The Korean unit refines and supplies various elements including nitrogen, helium and oxygen to factories owned by companies such as Samsung Electronics.
Sources have suggested that Korean steel firm, POSCO Group, may join the bid to acquire Air Products Korea.
