Air Products (NYSE: APD), Lehigh Valley, PA, has agreed to spin off its materials technologies business tax-free to its shareholders, with a targeted completion of the sale before September 2016.
“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," said Air Products President and CEO Seifi Ghasemi. "We believe a tax-free spinoff of the materials technologies business will create significant shareholder value."
Guillermo Novo, executive vice president, materials technologies, will be CEO of the yet-to-be-named company at the completion of the spinoff.
