September 25, 2015

　　The Board of Directors of Air Products has announced its intent to fully separate its Materials Technologies business via a tax-free spin-off to its shareholders. Targeted for completion before the end of September 2016, the move is subject to typical regulatory approvals.

　　According to the company, the decision is intended to allow Air Products’ Industrial Gases and the Materials Technologies businesses to leverage their respective critical competencies and enhance their competitive positions. The Materials Technologies segment serves the semiconductor, polyurethanes, coatings, cleaning, and adhesives industries.

　　“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, Air Products’ chairman, president, and CEO. “We believe a tax-free spin-off of the Materials Technologies business will create significant shareholder value.”

　　Air Products maintains the spin-off will result in two best-in-class public companies with distinct business models, capital requirements, and growth profiles. “The intent to separate is consistent with our management philosophy and the five-point plan we have discussed on many occasions over the past year . . . 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, providing excellent service to our customers,” said Ghasemi.

　　Guillermo Novo, executive vice president of Materials Technologies, will become CEO of the yet-to-be-named company at the completion of the spin-off. Ghasemi will serve as the non-executive chairman of the new company while maintaining his current roles with Air Products.