What new initiatives is Herose currently involved in?
STEWART: Herose has many new initiatives for the LNG market. We are specifically focusing on the trailer and re-gasification markets, which in the United States have become very large markets for us. We are also very active in China on the LNG plant business, where we are manufacturing larger valves to suit the demand for the larger plants being built there.
What geographic areas are currently the most interesting for you?
STEWART: The global area where Herose is establishing itself in the LNG markets is the United States, with shale gas. We are supplying products for re-gasification, and for moving LNG around the country. We are doing a lot of work supplying LNG fueling stations throughout the USA. We have a strong presence in China, where we have supplied more than 170 plants with Herose products. They are being used throughout the market, mainly for shaving stations, which is the big business there. The Indian market is a little slower to develop, but we have begun to supply the Indian market. We are developing that business pretty well. At the moment, there is a great deal of investment required to develop that market in the same way the Chinese and American markets are developing today. The LNG business in Australia is also developing very well for us, particularly in the fueling side. Our road network has been developed for filling stations, and people are trucking LNG and using it as a fuel. On the shipping side, LNG is becoming a standard to replace diesel, particularly in the Scandinavian area, where clean energy is becoming very important.
Which markets contribute the most to the bottom line of Herose?
STEWART: The main contributors to Herose in terms of growth and turnover have been achieved in America. America is the fastest growing market for us. In 2012, we saw our American business grow by 38%, which is exceptional. The Chinese market has been very stable over the last 4 years because it is a developing market, but it is continuing to develop in its project plant business. The biggest growth contributor to our business is the LNG sector in the USA.
Who are Herose’s biggest partners? Whom would you like to work with in the future?
STEWART: Herose has moved from an industrial gas supplier into the industrial gas market. We have supplied the major industrial gas companies, like Air Products, The Linde Group, Praxair, and Air Liquide. We also supply the equipment manufacturers who in turn supply their product to the industrial gas customer base. LNG is very similar. We supply the LNG equipment manufacturers with that full product range. Outside of that, we would like to develop our business with the process people, who are building the LNG plants. That is a great opportunity for Herose to put its product into that market.
To what extent do you invest in technology and state of the art products?
STEWART: Herose invests very heavily as a valve manufacturer, and the manufacturing of its product range. We also invest heavily into researching new products, larger products, products that bring faster fluids, and products that make the industry safer.
America is the fastest growing market for us. In 2012, we saw our American business grow by 38%, which is exceptional.
How does the price of LNG impact business for Herose?
STEWART: The price of LNG in the marketplace does affect Herose’s business to the extent that the higher the LNG price is, the less likely the customer is to invest in new applications for LNG. That in turn affects the projects being completed, and that in turn will reduce the amount of products we are supplying into the marketplace.