Air Products spin-off materials technologies business

Air Products to spin-off materials technologies business

7:09 AM, 17th September 2015
Air Products to spin-off materials technologies business
Seifi Ghasemi, chairman, president and CEO, Air Products. (File photo)

LEHIGH VALLEY, US: Air Products and Chemicals Inc said that it intends to fully separate its materials technologies business via a tax-free spin-off to its shareholders, resulting in two best-in-class public companies with distinct business models, capital requirements and growth profiles. The spin-off is to be completed before September 2016.

“I am pleased that our board of directors has approved this strategic move. This separation will provide shareholders ownership in two leading and focused companies while providing the opportunity to value our industrial gases and materials technologies businesses independently,” said Seifi Ghasemi, chairman, president and CEO, Air Products.

“It will allow us to take another step in pursuit of our ultimate goal, to become the safest and most profitable industrial gas company in the world,” added Ghasemi.

“The timing for this action is excellent and we look forward to the opportunity to operate as a stand-alone company focused on specialty materials. We already have a portfolio of world-class businesses with leading positions and sustainable competitive advantages in attractive niche markets,” said Guillermo Novo, executive vice president, Materials Technologies.

Novo will be CEO of the yet-to-be-named company at the completion of the spin-off. Ghasemi will be the non-executive chairman of the new company, while maintaining his current roles as chairman, president and CEO of Air Products.

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