United States. Versum Materials has been selected as the new company name for Air Products' Materials Technologies business. The company announced these plans last September for a tax-free spin-off of this business to U.S. shareholders on or before September 2016.
"This is an exciting time as these Materials Technologies market companies move closely to become a publicly owned company and are negotiated separately with a distinct identity, brand and purpose. Once completed, this separation will provide our new shareholders with stakes in two major companies while offering the opportunity to value our independent industrial gases and Materials Technologies business," said Seifi Ghasemi, CEO at Air Products. Upon completion of the separation, Ghasemi will continue his role with Air Products and will also become the non-executive chairman of Versum Materials.
For his part, executive Guillermo Novo, current executive vice president of Materials Technologies, will become CEO of Versum Materials. "We look forward to the opportunity to operate as an independent specialty materials company. Let's take some of the culture of our heritage with Air Products and build on it our own central market. As we move forward, we aim to deliver profitable growth to Versum Materials shareholders by innovating for our customers, maximizing profitability and leading to strong growth prospects, while still responding quickly to changes in market dynamics," said Novo.
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