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Air Products Spins off Materials Niche

Tuesday, October 13, 2015

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Air Products—a global provider of polyurethanes, coatings and adhesives—has announced its decision to spin off its materials technologies division into a separate company.

The company made the announcement that its board of directors approved the spin-off in September, and that it expects to have the tax-free spin-off to shareholders completed within a year.

In a statement, the company said the decision will allow Air Products’ industrial gases and materials technologies businesses to focus on their respective industries while allowing them to be more competitive in the market.

‘Leading and Focused Companies’

“I am very pleased that our Board of Directors has approved this strategic move,” said chairman, president and CEO Seifi Ghasemi in the statement.

©iStock.com / scanrail

Allentown, PA-based Air Products announced its decision to spin off its materials technologies division into a separate company by September 2016.

“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 Ghasemi.

In the statement, Air Products said the new, yet-to-be-named company will be run by Guillermo Novo, who currently is the executive vice president of the materials technology division.

“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,” said Ghasemi. “We already have a portfolio of world-class businesses with leading positions and sustainable competitive advantages in attractive niche markets.

“Our management team has demonstrated the ability to innovate, improve our underlying performance and rapidly respond to changing market dynamics to deliver profitable growth,” he said.

About Air Products

According to its website, Air Products, based in Allentown, PA, provides atmospheric, process and specialty gases, and related equipment to manufacturing industries worldwide. Its markets include metals; food and beverage; refining and petrochemical; and natural gas liquefaction.

In addition to polyurethanes, coatings and adhesives, its materials technologies segment serves the semiconductor and cleaning industries.

Air products had sales of $10.4 billion in 2014 and was ranked 276 on the Fortune 500 annual list of public companies, its website indicates.

   

Tagged categories: Adhesive; Coating chemistry; Coatings raw materials manufacturers; Polyurethane

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