LEHIGH VALLEY, Pa.,
Oct. 3, 2016 /PRNewswire/ -- Air
Products (NYSE: APD) announced today that it has completed the
separation of its Electronics Materials Division through the
spin-off of Versum Materials, Inc. ("Versum").
Versum begins "regular way" trading today on the New York Stock
Exchange (NYSE) under the symbol "VSM." Air Products common
stockholders receive one share of common stock of Versum for every
two shares of Air Products stock held as of the close of business
on September 21, 2016.
"I am confident that Versum Materials has been set up for a
successful future, and the team can now fully pursue the goal of
being the premier specialty materials provider to the semiconductor
industry," said Seifi Ghasemi,
chairman, president and chief executive officer of Air Products and
non-executive chairman of the Versum Board of Directors.
"Meanwhile, we continue to work to complete the sale of our
Performance Materials Division as soon as possible. As a result of
these two moves, which are consistent with our Five-Point Plan, Air
Products will be in an even stronger position to deliver for our
shareholders by taking advantage of the exciting investment
opportunities to grow our core industrial gases business," he
said.
Ghasemi will be joined by Guillermo
Novo, president and chief executive officer of Versum and a
member of Versum's Board of Directors, and other members of the
Versum Materials team to ring the NYSE opening bell on Tuesday, October 4, 2016.
For more information on Versum, visit the Versum Materials web
site.
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 Performance
Materials Division serves the 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 18,000
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," including statements about the future performance of
Versum. 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, without limitation, weakening of global
or regional economic conditions; future financial and operating
performance of major customers; unanticipated contract terminations
or customer cancellations of sales; the impact of competitive
products and pricing; unexpected changes in raw material supply and
markets; Versum's failure to successfully develop and market new
products and optimally manage product life cycles; Versum's
inability to protect and enforce its intellectual property rights;
failure to appropriately manage process safety and product
stewardship issues; changes in laws and regulations or political
conditions; unanticipated business or supply disruptions; security
threats, such as acts of sabotage, terrorism or war, weather events
and natural disaster; increased competition; changes in
relationships with our significant customers and suppliers;
uncertainty regarding the availability of financing to us in the
future and the terms of such financing; disruptions in Versum's
information technology networks and systems; unexpected safety or
manufacturing issues; costs and outcomes of litigation or
regulatory investigations; the impact of management and
organizational changes and relocation of our corporate headquarters
and key activities; the timing, impact, and other uncertainties of
future acquisitions or divestitures; significant fluctuations in
interest rates and foreign currencies from that currently
anticipated; the impact of changes in environmental, tax or other
legislation and regulations in jurisdictions in which Versum and
its affiliates operate; and other risk factors described in
Versum's amended Registration Statement on Form 10. Both Air
Products and Versum disclaim 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.
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SOURCE Air Products