LEHIGH VALLEY, Pa.,
Jan. 3, 2017 /PRNewswire/ -- Air
Products (NYSE: APD), a world-leading industrial gases company,
announced today it has completed the sale of its Performance
Materials Division (PMD) to Evonik Industries AG (EVK.DE) for
$3.8 billion in cash. The agreement
to sell PMD to Evonik, a world leader in specialty chemicals, was
initially announced in May, 2016.
"I am pleased that we completed the sale of PMD in the time frame
we promised and congratulate both the Air Products and Evonik teams
who worked hard to achieve this goal," said Air Products' Chairman,
President and Chief Executive Officer, Seifi Ghasemi.
"Combined with the other actions we have already taken, we are now
fully focused on industrial gases in alignment with our strategic
Five-Point Plan. Since implementing this plan, Air Products has
been and now has further improved, our great position to seek out
and take advantage of exciting investment opportunities to grow our
core industrial gases business."
"I want to thank the PMD employees who worked very hard for Air
Products and who made PMD a very successful business, and I know
they are motivated to continue their success as Evonik employees.
They have a great future ahead of them as part of the core business
of that company," Ghasemi said.
In closing the deal, and under the terms of the agreement,
operational facilities, supplier contracts, labs, contracts,
customers, and employees and certain legal entities associated with
PMD have been transferred to Evonik.
Air Products has consistently executed against its strategic
Five-Point Plan, which includes focusing on industrial gases and
taking actions on non-core businesses. In September 2015, the Company announced plans to
separate Materials Technologies, which included PMD and the
Electronic Materials Division (EMD). EMD was successfully spun-off
to shareholders as a separate public company, called Versum
Materials, Inc. (NYSE: VSM), that began trading on October 3, 2016.
About Air Products
Air Products (NYSE: APD) is a world-leading Industrial Gases
company in operation for over 75 years. The Company's core
industrial gases business provides atmospheric and process gases
and related equipment to manufacturing markets, including refining
and petrochemical, metals, electronics, and food and beverage. Air
Products is also the world's leading supplier of liquefied natural
gas process technology and equipment.
The Company had fiscal 2016 sales of $9.5
billion and has a current market capitalization of
approximately $30 billion.
Approximately 17,000 employees in 50 countries strive to make Air
Products the world's safest and best performing industrial gases
company, providing sustainable offerings and excellent service to
all customers. For more information, visit www.airproducts.com.
About Evonik
Evonik, the creative industrial group from Germany, is one of the world leaders in
specialty chemicals. Profitable growth and a sustained increase in
the value of the company form the heart of Evonik's corporate
strategy. Its activities focus on the key megatrends health,
nutrition, resource efficiency and globalization. Evonik benefits
specifically from its innovative prowess and integrated technology
platforms. Evonik is active in over 100 countries around the world.
In fiscal 2015 more than 33,500 employees generated sales of around
€13.5 billion and an operating profit (adjusted EBITDA) of about
€2.47 billion.
NOTE: This release may contain forward-looking statements
within the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
based on management's reasonable expectations and assumptions as of
the date of this release regarding important risk factors. Actual
performance and financial results may differ materially from
projections and estimates expressed in the forward-looking
statements because of many factors not anticipated by management,
including risk factors described in the Company's Form 10K for its
fiscal year ended September 30,
2016.
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SOURCE Air Products