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 bellon 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.
