Air Products has declared that it is planning to sell its US Healthcare business and plans to report the division as a discontinued operation beginning in the fiscal fourth quarter.
The company will continue to operate and serve patients until the business is transitioned to a new owner, with the news coming in the same week as its healthy third quarter results were revealed.
In 2007, the company implemented a number of significant actions to improve the performance of its US Healthcare business, including changes in management, a product and service offering simplification programme, and other measures to drive earnings growth and improve profitability.
During 2008, the business continued to underperform and as a result, in April 2008 Air Products disclosed that it was evaluating its strategic options for the business. Based on a review of the market and competitive conditions, the company determined that the US Healthcare business no longer fits its business portfolio.
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