Air Products Completes Acquisition of PBF Energy’s Five Operating Hydrogen Plants for $530 Mn

Air Products has announced it has completed the $530 million acquisition of five steam methane reformer (SMR) hydrogen production plants from PBF Energy Inc., and has commenced the long-term supply of hydrogen from those plants to PBF refineries. The newly acquired Air Products' SMRs, with a combined production capacity of almost 300 million standard cubic feet per day, are located in Torrance and Martinez, California and Delaware City, Delaware. Air Products initially announced this now closed deal on March 30.

"We are very pleased that in close cooperation with our long-standing partner PBF, which is one of largest independent refiners in North America, that we have been able to close on this transaction in record time. We have now started supplying hydrogen to PBF from the five SMRs that we have purchased from them. This deal is an excellent example and demonstrates our ability to execute our strategy of investing in long-term onsite deals, which includes asset acquisitions like we have successfully closed. We look forward to a continued long-term relationship with PBF," said Seifi Ghasemi, Chairman, President and Chief Executive Officer at Air Products.

"PBF Energy is pleased to have worked cooperatively with Air Products, a global leader in the supply of hydrogen to refineries, to complete this transaction and expand the long-term relationship between our two companies," said PBF's Chairman and Chief Executive Officer Tom Nimbley.