CORAL SPRINGS, Florida, July 29, 2015 /PRNewswire/ —
New advancements in the production of industrial and commercial specialty gases, waste to fuel uses and hydrogen based fuels increases the economical alternative for offering ideal applications resulting in creating new opportunities for leading basic materials and chemical companies. Latest developments of note in the industry are MagneGas Corporation (NASDAQ: MNGA), Airgas, Inc. (NYSE: ARG), Eastman Chemical Company (NYSE: EMN), Golar LNG Limited (NASDAQ: GLNG), Praxair, Inc. (NYSE: PX) and Air Products & Chemicals Inc. (NYSE: APD)
MagneGas Corporation (NASDAQ: MNGA), a leading technology company that counts among its inventions a patented process that converts liquid waste into MagneGas® fuel, announced today that a major waste to energy company, which previously viewed a demonstration of MagneGas® fuel for metal cutting, has placed multiple orders. Company officials viewed a MagneGas demonstration in Florida and requested formal testing at their company headquarters. Testing was successful and the Company has placed multiple orders of MagneGas(R) for metal cutting to begin roll-out of the product to their facilities. MagneGas® will be used as a replacement to acetylene for repairs and demolition. The waste to energy company has 45 facilities throughout the world that process large volumes of solid waste into renewable energy. The company is publicly traded on the NYSE, with a market value of over $2 billion. Their name is being held confidential until completion of the roll out.
Read the full MNGA Press Release at http://www.financialnewsmedia.com/profiles/mnga.html
“This is just another example of the execution on our strategy to attract marquee customers that can have a significant impact on revenue as the product rolls out to multiple locations. As with other customers of this size, the testing and demonstration took time, but in the end they saw the benefits of MagneGas for metal cutting. We look forward to filling these initial orders and moving forward to supply several locations,” commented Ermanno Santilli, CEO of MagneGas Corporation.
In other Basic Materials & Specialty Gases news and happenings: Airgas, Inc. (NYSE: ARG), one of the nation’s leading suppliers of industrial, medical, and specialty gases, and related products, recently announced that it has recently acquired the assets and operations of Weldinghouse, Inc. and its affiliates, effective July 17, 2015, and Priority Energy Services, LLC, effective July 20, 2015. Financial terms of the transactions were not disclosed. The Company has now completed nine acquisitions since beginning its 2016 fiscal year on April 1, 2015, totaling approximately $74 million in aggregate acquired revenue. ARG closed up on Tuesday at $100.90 on over 900,000 shares traded by the market close.
Eastman Chemical Company (NYSE: EMN) this week announced earnings, excluding non-core items, of $2.01 per diluted share for second quarter 2015 versus $1.92 per diluted share for second quarter 2014. Reported earnings were $1.98 per diluted share for second quarter 2015 versus $1.92 per diluted share for second quarter 2014. For detail of the excluded items and reconciliation to reported company and segment earnings, see Tables 3A and 4. Read the full release at http://finance.yahoo.com/news/eastman-reports-record-adjusted-eps-211301097.html
Golar LNG Limited (NASDAQ: GLNG) announced last week that it has executed agreements for conversion of the 126,000 m3 LNG carrier Gandria to a Golar floating liquefaction facility (“GoFLNG”). As with the GoFLNG Hilli and Gimi conversions, the primary contract for the GoFLNG Gandria was entered into with Singapore’s Keppel Shipyard Limited (“Keppel”). The Gandria conversion contract marks the exercise of the second of two options that formed part of the initial 2014 Hilli conversion contract. Black & Veatch will provide its licensed PRICO(R) technology, perform detailed engineering and process design, specify and procure topside equipment, and provide commissioning support for the GoFLNG topsides and liquefaction process. GNLG closed up over 5% at $43.24 on just under 1Million shares traded by the market close on Tuesday.
Praxair, Inc. (NYSE: PX) also last week announced the introduction of its patented OPTIMELTTM thermochemical regenerator system. The company’s technology productively recovers waste energy from furnace flue gases, reducing emissions and improving the energy efficiency of glass production. Through the process, incoming natural gas is heated and reacted with a portion of waste flue gas to produce a hot syngas fuel that captures both the heat and chemical potential of the waste stream. This process can result in a reduction in fuel consumption of up to 20 percent compared to oxy-fuel glass furnaces and as high as 30 percent when compared to air-fuel furnaces. In addition to increased productivity, reduced emissions and fuel savings, the OPTIMELT system delivers operational benefits that help ensure production of high-quality glass. The OPTIMELT system equipment is custom designed by Praxair and can be installed with new furnaces or retrofitted to existing facilities. PX closed up on Tuesday at $115.38 on over 1.9Million shares traded by the market close.
Air Products (NYSE: APD) highlighted the reliability and efficiency of its medical oxygen supply systems-including high efficiency systems that reduce oxygen loss and systems for emergency oxygen supply-at the 52nd ASHE Annual Conference and Technical Exhibition in Boston, Mass., held during July 12-15. Air Products offers High Efficiency Supply Systems for liquid oxygen that can reduce the loss of normally vented oxygen by as much as 30 percent. Using patent-pending technology, these systems first pull oxygen in the form of a gas, rather than a liquid, to eliminate a rise in the tank’s pressure, thereby reducing the product loss by venting that would otherwise result. Depending on volume requirements, Air Products’ High Efficiency Supply Systems can work with many medical or industrial gases applications that employ batch/intermittent usage or start-and-stop consumption. APD closed up at $132.82 on Tuesday on over 1.7Million shares traded by the market close.
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