Air Products (APD) Inks Deal With EPEC And Sinopec In China
Zacks Investment Research | May 08, 2017 10:16PM ET
Air Products & Chemicals, Inc. (NYSE:APD) has entered into a strategic cooperation agreement with EPEC and China Petrochemical International Co., Ltd. The deal aims to boost the development of e-commerce on the EPEC.com portal.
Per the terms of agreement, the three parties will build strategic relationships through cooperation and communication on various factors including sales, procurement, international market expansion, supply chain financial services and credit system construction.
Air Products will be the third multinational company and first industrial gases supplier to enter into strategic partnership with EPEC and Sinopec on e-commerce. EPEC.com is an innovative supply chain to business (SC2B) industrial portal that is built on the concept of Internet + Supply Chain and fueled by Sinopec’s vast procurement needs. The portal enables Sinopec to maximize supply chain competitiveness. Additionally, it also provides financial, sales, procurement and integrated services to other companies and reduces operational costs.
The EPEC.com portal’s commercial operations started on Apr 18, 2016 and it has executed orders worth $ 13.4 billion, involving more than 33 million products sourced from over 35,000 suppliers till date.
According to Air Products’ Industrial Gases China President, Saw Choon Seong, the deal is driven by its longstanding commitment to support China’s economic and social growth and extend cooperation with leading companies such as Sinopec. This project is an effort to accelerate structural transformation of the manufacturing industries by supporting the ‘Internet+’ strategy.
The e-commerce portal will allow the company to leverage technology for boosting the ‘Internet Industrial Gases’ initiative and also support sustainable development of this industry in China. The company also aims to innovate its sales model in order to serve the manufacturers in chemical and other industries better.
Air Products’ shares fell around 21.3% over the past three months, underperforming the Zacks categorized Zacks Investment Research
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