Reaffirming the five-point plan highlighted when the then new CEO Seifi Ghasemi joined Air Products took control just over a year ago, more changes are on the way for the company.
Its Board of Directors has approved the intention to fully separate its Materials Technologies business via a tax-free spin-off to its shareholders – due for completion before September 2016, subject to typical regulatory approvals.
“I am very 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. We believe a tax-free spin-off of the Materials Technologies business will create significant shareholder value,” said Seifi Ghasemi, Chairman, President and CEO at Air Products.
This strategic decision will allow Air Products’ Industrial Gases and the Materials Technologies businesses to leverage their respective critical competencies and enhance their competitive positions.
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