Largest Korean industrial gases company Daesung Industrial Gases has signed a contract for a new air separation unit (ASU) in Guangzhou, China.
Daesung established its China branch, Daesung (Guangzhou) Gases Co. Ltd, back in January 2013 with an investment of around $75m, equipped with both an ASU and specialty gases plant to supply gases to LG Monitor (China) and other companies.
The company has reportedly just signed a contract with Hangzhou Hangyang, the largest air separation plant manufacturer in China and a local industrial gas business player, for a 30,000 Nm3/h nitrogen ASU for its second phase of development.
When put into operation, the ASU will also supply the LG Monitor 8.5 Generation OLED facility.
Daesung Industrial Gases is under new ownership in 2017, having been acquired by a private Asian equity firm earlier in the year (February).
A Goldman Sachs-led consortium first acquired its 68% controlling stake in Daesung for around $400m in July 2014 and as one of the biggest players in the fast-growing South Korean market, Daesung was an attractive prospect once it became clear the company was available on the market.
Private Asian equity firm MBK Partners ultimately secured the acquisition of Daesung in a deal reported to be worth around $2bn.