Air Products, a global industrial gas company, will invest $150 million (approximately KRW 170 billion) to establish an industrial gas facility in Yongin, Gyeonggi Province, which will serve as the foundation for the semiconductor industry.

Gyeonggi Province Governor Lee Jae-myung, Yongin City Mayor Baek Gun-ki, and Air Products Korea President Kim Kyo-young jointly signed an investment agreement on mutual cooperation to establish industrial gas facilities at the Gyeonggi Provincial Government Office on the 27th.

The signing ceremony on this day was held in a hybrid format of face-to-face and non-face-to-face, taking into account the COVID-19 situation.

Air Products Chairman Seifi Ghasemi attended the event via video conference from the United States, while Air Products Asia President Wilbur W. Mok attended via video conference from China.

Gyeonggi Province Governor Lee Jae-myung said in his opening remarks that day, “Gyeonggi Province has always welcomed corporate investment, especially foreign investment,” and added, “Companies are the backbone of the economy and have a significant impact on employment for local residents, so we will not spare administrative support, and if necessary, financial support, to help companies operate and invest freely.”

“We also hope that Air Products will achieve even greater success and contribute significantly to our local economy. "If you have any suggestions for support, please feel free to share them. I will actively support you," he added.

Yongin Mayor Baek Gun-ki said, "Including the amount already invested and the amount to be invested in the future, we estimate that the total investment will be approximately $150 million, and we are very excited about this." He added, "We are grateful that a major company like Air Products, with its outstanding technology and competitiveness, has decided to invest in Yongin. We will ensure a smooth move-in process."

“I am very pleased to participate in this important event today,” said Air Products Chairman Seifi Ghasemi, who attended the event via video conference from the United States. “I hope to have the opportunity to continue contributing to the development and growth of Gyeonggi Province, as I have for the past 40 years.”

Under the investment agreement, Air Products plans to invest $150 million to expand production facilities at its Yongin plant in Nongseo-dong, Giheung-gu, to provide a more stable supply of industrial gases, including oxygen and nitrogen, to its customers.

Additionally, a new factory will be built in the Jigok Industrial Complex in Giheung-gu. In addition, with the decision to give priority to hiring Gyeonggi Province residents to revitalize the local economy, it is expected that approximately 30 new jobs will be created.

Gyeonggi Province and Yongin City plan to provide administrative support and resolve any difficulties Air Products may face to ensure the successful execution of this investment plan.

Gyeonggi Province expects that Air Products' establishment of an industrial gas facility will significantly contribute to Korea's semiconductor industry maintaining its global leadership position, as it will ensure a stable and timely supply of gas to key domestic customers.

Unlike general gases used for heating or automobile fuel, industrial gases are used in almost all industrial fields, including semiconductors, electronics, and petrochemicals, and are essential materials for improving semiconductor yield (productivity), such as preventing oxidation and contamination.

Founded in 1940, Air Products, headquartered in Allentown, Pennsylvania, is a global industrial gases company with annual sales of $10 billion, supplying industrial gases and related equipment to various manufacturing industries, including semiconductors, petrochemicals, food and beverage, and advanced displays.