LEHIGH VALLEY, Pa.,
Sept. 1, 2016 /PRNewswire/
-- Versum Materials, Inc., the planned Electronic Materials
Division spin-off company from Air Products (NYSE: APD), today
announced the proposed members of its Board of Directors. The
Versum Board is expected to include:
Seifi
Ghasemi, Versum's non-executive Chairman, who also
remains Air Products' chairman, president and chief executive
officer;
Jacques
Croisetiere, who brings extensive experience as the
former chief financial officer of Rohm & Haas Company and
Bacardi Limited;
Guillermo Novo, who will be the president
and chief executive officer of Versum, and who has more than 30
years in the specialty chemicals and materials businesses with Rohm
& Haas Company and The Dow Chemical Company;
Yi Hyon
Paik, who has more than 26 years of technology and
business experience in the electronic materials industry and has
led the Electronic Materials business of Rohm & Haas
Company;
Thomas
J. Riordan, who has more than 30 years of experience in
the specialty chemicals industry, including 15 years at Rockwood
Holdings, Inc. as its chief legal and administrative officer;
Susan
C. Schnabel, who has extensive experience in private
equity investment, including with DLJ Merchant Partners, and is
co-founder of aPriori Capital Partners; and
Ambassador Alejandro Wolff, who has more than 30 years
of government service in the Department of State, including serving
as the U.S. Ambassador to Chile.
"The Versum Board brings extensive experience in specialty
materials companies, as well as technical, finance, private equity
and international government affairs expertise," said Guillermo Novo, who will be Versum's chief
executive officer. "With their diverse backgrounds and range of
leadership roles, these are high caliber individuals who, working
with our experienced management team, can help Versum drive
shareholder value and fulfill our goal of being the premier
specialty materials provider to the semiconductor industry," he
said.
The Company filed its most recent Form 10 amendment on
August 26, 2016, which includes
additional background on Versum's proposed Board. For additional
information, please visit the Versum microsite.
About Versum Materials
With $1
billion in sales in fiscal 2015, Versum Materials has
approximately 1,900 employees, 14 manufacturing and six research
and development facilities in the Americas and Asia. Versum Materials is comprised of two
primary business segments, Materials (74% of fiscal 2015 revenues)
and Delivery Systems and Services (26% of fiscal 2015 revenues). It
participates in six of seven key semiconductor process steps,
supplying high purity specialty process gas, cleaners and etchants,
slurries, organosilanes and organometallics deposition films, and
equipment.
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 serves the semiconductor, polyurethanes,
cleaning and coatings, and adhesives industries.
The company had fiscal 2015 sales of $9.9
billion and has a current market capitalization of more than
$30 billion. Approximately 19,000
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.
NOTE: This news release contains "forward-looking
statements" within the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 including statements about
the Company's 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 independent companies 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 in the forward-looking statements
because of many factors not anticipated by management, including,
without limitation, our ability to obtain or delays in obtaining
regulatory approvals, Air Products' decision not to
consummate or decision to delay the spin-off due to market,
economic or other events; our ability to fully realize the
anticipated benefits of the spin-off; negative effects of the
announcement or the consummation of the proposed spin-off on the
market price of the company's common stock; significant transaction
costs and or unknown liabilities; general economic and business
conditions that affect the companies in connection with the
proposed spin-off; changes in capital market conditions; future
opportunities that the Company's board may determine present
greater potential to increase shareholder value, the ability of
our companies to operate independently following the spin-off;
and other risk factors described in the Company's amended
Form 10 registration statement with the United States Securities
and Exchange Commission on August 26,
2016. The Company disclaims any obligation or
undertaking to disseminate any updates or revisions to any
forward-looking statements contained in this document 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.
EDITOR'S NOTE:
On May 6,
2016, the Company announced its intention to separate Air
Products' Electronic Materials business into a newly formed company
and to distribute the common stock of that company, Versum, to
stockholders of Air Products on a pro-rata basis. The distribution
is intended to be generally tax-free for U.S. federal income tax
purposes, except for any cash received in lieu of fractional
shares.
The completion of the spin-off is subject to the satisfaction or
waiver of a number of conditions, including Versum's Registration
Statement on Form 10 being declared effective by the U.S.
Securities and Exchange Commission, Versum's common stock being
accepted for listing on the NYSE, and other conditions described in
Versum's Registration Statement on Form 10.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/air-products-electronic-materials-division-spin-off-company-versum-materials-announces-board-of-directors-300321679.html
SOURCE Air Products