🟢 APD Surges 10.4% After Scrapping Louisiana Clean Energy Complex Project and Announcing Yara International Deal

Air Products (APD) is trading at $299.46, up 10.4% today, following the announcement that it will not proceed with the Louisiana Clean Energy Complex (LCEC) project.

• The decision to exit the LCEC project, which did not meet stringent financial return criteria, will result in pre-tax charges of up to $2.9 billion in its fiscal third quarter.
• Investors reacted positively, interpreting the cancellation as a move towards capital discipline and the removal of a financially uncertain liability.
• Concurrently, Air Products is finalizing a marketing and distribution agreement with Yara International ASA for renewable ammonia from the NEOM Green Hydrogen Project in Saudi Arabia.