(press release dated 9/16/15)
Air Products (NYSE: APD) announced that its Board of Directors has approved the intention to fully separate its Materials Technologies business via a tax-free spin-off to its shareholders. The targeted completion of the Materials Technologies spin-off is before September 2016, subject to typical regulatory approvals. Air Products will hold a conference call on Thursday, September 17, 2015 at 8:00 a.m. ET to discuss the spin-off (details below).
“I am very pleased that our Board of Directors has approved this strategic move. This separation will provide shareholders ownership in two leading and focused companies while providing the opportunity to value our Industrial Gases and Materials Technologies businesses independently. We believe a tax-free spin-off of the Materials Technologies business will create significant shareholder value,” said Seifi Ghasemi, chairman, president and chief executive officer (CEO) at Air Products. Source