LEHIGH VALLEY, Pa.,
Nov. 5, 2015 /PRNewswire/ -- Versum
Materials has been selected as the new company name for the
Materials Technologies business of Air Products (NYSE: APD). Air
Products announced plans in September for a tax-free spin-off of
this business to U.S. shareholders on or before September 2016.
Derived from the Latin word for "toward," the name "Versum"
communicates the new company's ability to continuously move toward
materials, which is core to its own business, and provide
cutting-edge solutions and innovation. The name also communicates
the company's critical role in helping customers advance their
products and businesses by providing market-leading technology,
innovation and valuable, reliable service.
"This is an exciting time as these Materials Technologies
market-leading businesses move closer to becoming a separate
publicly-owned and traded company with a distinct identity, brand
and purpose. Once complete, this separation will provide our new
shareholders with ownership in two leading and focused companies
while offering the opportunity to value our Industrial Gases and
Materials Technologies businesses independently," said Seifi
Ghasemi, chairman, president and chief executive officer (CEO) at
Air Products. Upon completion of the separation, Ghasemi will
continue his role with Air Products and also become the
non-executive chairman of Versum Materials.
As previously announced, Guillermo Novo, currently the executive
vice president of Materials Technologies, will become Versum
Materials' CEO at the completion of the spin-off. "We look forward
to the opportunity to operate as an independent, specialty
materials company under the name of Versum Materials. We will take
some of the culture of our heritage with Air Products and build on
it in our own core marketplace. As we move forward, we aim to
deliver profitable growth to Versum Materials' shareholders by
innovating for our customers, maximizing our profitability and
driving to realize our strong growth prospects, while continuing to
rapidly respond to changing market dynamics," said Novo.
"As our new name suggests, we will help our customers and
employees move 'toward' their goals with confidence and purpose.
From the electronics industry to the performance materials end
markets we serve, we're passionate about working closely with
customers to help advance their products and technologies around
the world," added Novo.
Additional details about Versum Materials' progress toward
becoming a new company will become available at airproducts.com
while the new company's website is developed.
Air Products' Materials Technologies business is global,
delivering specialty solutions focused within niche markets,
holding leading positions in most of its end-markets and focused on
innovation-driven solutions. For fiscal year 2015, Materials
Technologies had sales of approximately $2.1
billion and EBITDA margins in excess of 27%.
The business employs approximately 3,300 employees and operates
in more than 12 countries across the globe. Its Electronic
Materials Division provides tailored solutions and materials to
customers in the semiconductor industry, while the Performance
Materials Division provides epoxy additives, polyurethane additives
and specialty additives to the construction, composites, adhesives,
coatings and other industries.
About Air Products
Air Products (NYSE:APD) is a world-leading Industrial Gases company
celebrating 75 years of operation. 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's Materials
Technologies business, which Air Products intends to spin-off by
September 2016, serves the
semiconductor, polyurethanes, cleaning and coatings, and adhesives
industries.
The company had fiscal 2015 sales of $9.9
billion and was ranked number 284 on the Fortune 500 annual
list of public companies. Approximately 20,000 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.
This news release contains "forward-looking statements"
within the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, including statements about Air
Products' plans for completion of the spin-off, the expected
benefits of the spin-off, the tax-free nature of the spin-off, the
prospects for the Materials Technologies business following the
spin-off and the timing of the transaction. These forward-looking
statements are based on management's reasonable expectations and
assumptions as of the date of this release. Actual results may
differ materially from the expectations expressed herein because of
many factors not anticipated by management, including, without
limitation, Air Products' ability to obtain regulatory approvals
necessary for the spin-off, Materials Technologies' ability to
fully realize the anticipated benefits of the spin-off, transaction
costs, unknown liabilities, general economic and business
conditions that may affect the proposed spin-off and the execution
thereof, changes in capital market conditions, Air Products'
decision not to consummate the spin-off due to market, economic or
other events, unfavorable economic conditions affecting the markets
served by and/or the continuing profitability of the Materials
Technologies business and other risk factors described in Air
Products' Form 10-K for its fiscal year ended September 30, 2014. Air Products disclaims
any obligation or undertaking to disseminate any updates or
revisions to any forward-looking statements contained in this news
release to reflect any change in assumptions, beliefs or
expectations or any change in events, conditions, or circumstances
upon which any such forward-looking statements are
based.
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SOURCE Air Products