Nominates Four Highly Qualified Director
Nominees – Andrew Evans,
Paul Hilal, Tracy McKibben, and
Dennis Reilley – to Air Products'
Board of Directors
Mantle Ridge Believes CEO Seifi Ghasemi's
Insistence on Pursuing Large-Scale, Speculative Non-Core
Investments Has Unduly Increased Risk to Air Products' Shareholders
and Destroyed Shareholder Value
Incumbent Directors Who Failed to Rein in
Mr. Ghasemi Should Not be Entrusted to Select Air Products'
Next Generation of Board and Management Leadership
Mantle Ridge Has Identified Four Deeply
Experienced and Qualified Nominees Who Bring the Relevant Industry
Expertise and Public Company Board Experience to Restore
Performance, Fix Capital Allocation Missteps, and Ensure Long-Term
Leadership at Air Products
Urges Shareholders to Vote
the BLUE Proxy Card "FOR" Mantle Ridge's Four
Highly Qualified Director Nominees and "WITHHOLD" on the
Company Nominees Charles Cogut, Lisa A.
Davis, Seifollah "Seifi" Ghasemi and
Edward L. Monser
Launches www.RefreshingAirProducts.com
NEW
YORK, Dec. 10, 2024 /PRNewswire/ -- Mantle Ridge
LP, which, together with its affiliates (collectively, "Mantle
Ridge"), beneficially owns approximately $1.3 billion of the outstanding common shares of
Air Products and Chemicals Inc. (NYSE: APD) ("Air Products" or
the "Company"), today announced that it has filed a definitive
proxy statement formally nominating four highly qualified director
candidates for election to Air Products' Board of Directors (the
"Board") at the Company's 2025 Annual Meeting of Shareholders (the
"Annual Meeting").
More information about Mantle Ridge's nominees can be found
at www.RefreshingAirProducts.com.
In connection with its definitive proxy filing, Mantle Ridge
today also sent the attached letter to Air Products'
shareholders.
About Mantle Ridge
Founded in 2016 by Paul Hilal, Mantle Ridge LP is an
engaged, long-term owner-steward that works closely and
constructively with company boards to create durable long-term
value for all stakeholders. None of Mantle Ridge's affiliated
entities is a hedge fund or other investment vehicle with a
structurally short-term incentive, which fundamentally
differentiates the firm from other market actors who are known to
engage with company boards. Mantle Ridge has raised separate,
single-investment, five-year special purpose vehicles to support
its previous engagements with companies including CSX Corporation,
Aramark, and Dollar Tree. For more information,
visit https://www.mantleridge.com/.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
The information herein contains "forward-looking statements."
Specific forward-looking statements can be identified by the fact
that they do not relate strictly to historical or current facts and
include, without limitation, words such as "may," "will,"
"expects," "believes," "anticipates," "plans," "estimates,"
"projects," "potential," "targets," "forecasts," "seeks," "could,"
"should" or the negative of such terms or other variations on such
terms or comparable terminology. Similarly, statements that
describe our objectives, plans or goals are forward-looking.
Forward-looking statements are subject to various risks and
uncertainties and assumptions. There can be no assurance that any
idea or assumption herein is, or will be proven, correct. If one or
more of the risks or uncertainties materialize, or if any of the
underlying assumptions of Mantle Ridge LP and its affiliates
(collectively, "Mantle Ridge") or any of the other participants in
the proxy solicitation described herein prove to be incorrect, the
actual results may vary materially from outcomes indicated by these
statements. Accordingly, forward-looking statements should not be
regarded as a representation by Mantle Ridge that the future plans,
estimates or expectations contemplated will ever be achieved.
Certain statements and information included herein may have been
sourced from third parties. Mantle Ridge does not make any
representations regarding the accuracy, completeness or timeliness
of such third party statements or information. Except as may
be expressly set forth herein, permission to cite such statements
or information has neither been sought nor obtained from such third
parties, nor has Mantle Ridge paid for any such statements or
information. Any such statements or information should not be
viewed as an indication of support from such third parties for the
views expressed herein.
Mantle Ridge disclaims any obligation to update the information
herein or to disclose the results of any revisions that may be made
to any projected results or forward-looking statements herein to
reflect events or circumstances after the date of such information,
projected results or statements or to reflect the occurrence of
anticipated or unanticipated events.
CERTAIN INFORMATION CONCERNING THE PARTICIPANTS
Mantle Ridge LP and the other Participants (as defined below)
have filed a definitive proxy statement (the "Definitive Proxy
Statement") and accompanying BLUE universal proxy card or voting
instruction form with the SEC to be used to solicit proxies for,
among other matters, the election of its slate of director nominees
at the 2025 annual meeting of stockholders of the Company (the
"2025 Annual Meeting"). Shortly after filing the Definitive Proxy
Statement with the SEC, Mantle Ridge LP furnished the Definitive
Proxy Statement and accompanying BLUE universal proxy card or
voting instruction form to some or all of the stockholders entitled
to vote at the 2025 Annual Meeting.
The participants in the proxy solicitation are Mantle Ridge LP,
Eagle Fund A1 Ltd, Eagle Advisor LLC, Paul Hilal (all of the
foregoing persons, collectively, the "Mantle Ridge Parties"),
Andrew Evans, Tracy McKibben and Dennis Reilley (such individuals, collectively
with the Mantle Ridge Parties, the "Participants").
IMPORTANT INFORMATION AND WHERE TO FIND IT
MANTLE RIDGE LP STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY
TO READ ITS DEFINITIVE PROXY STATEMENT, ANY AMENDMENTS OR
SUPPLEMENTS TO SUCH PROXY STATEMENT AND OTHER PROXY MATERIALS FILED
BY MANTLE RIDGE LP WITH THE SEC AS THEY BECOME AVAILABLE BECAUSE
THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL
BE AVAILABLE AT NO CHARGE ON THE SEC'S WEBSITE AT WWW.SEC.GOV. THE
DEFINITIVE PROXY STATEMENT AND OTHER RELEVANT DOCUMENTS ARE ALSO
AVAILABLE ON THE SEC'S WEBSITE, FREE OF CHARGE, OR BY DIRECTING A
REQUEST TO THE PARTICIPANTS' PROXY SOLICITOR, D.F. KING & CO., INC., 48 WALL STREET, 22ND
FLOOR, NEW YORK, NEW YORK 10005.
STOCKHOLDERS CAN CALL TOLL-FREE:
(888) 628-8208.
Information about the Participants and a description of their
direct or indirect interests by security holdings or otherwise can
be found in the Definitive Proxy Statement.
Investor Contact
D.F. King & Co., Inc.
Edward McCarthy
Tel: (212) 493-6952
Media Contacts
Jonathan
Gasthalter / Nathaniel
Garnick
Gasthalter & Co.
Tel: (212) 257-4170
Email: RefreshingAPD@gasthalter.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/mantle-ridge-files-definitive-proxy-statement-and-sends-letter-to-air-products-and-chemicals-inc-shareholders-highlighting-material-underperformance-misguided-capital-allocation-strategy-and-succession-failures-302328140.html
SOURCE Mantle Ridge LP