United States. Air Products announced that its Board of Directors has approved the intention to fully separate its Materials Technologies business through a tax-free spin-off for its shareholders.
The specific completion of the spin-off of this line of business is prior to September 2016, subject to typical regulatory approvals.
"I am very pleased that our Board of Directors has approved this strategic move. This separation will offer shareholders ownership of two leading and focused companies while providing the opportunity to independently value our industrial gases and Materials Technologies businesses. We believe the company's tax-free spin-off will create significant value for shareholders," said Seifi Ghasemi, chairman and chief executive officer (CEO) at Air Products.
The company believes that the outcome of this decision will leave two best-in-class public companies with distinct business models, capital requirements and growth profiles. The decision was made after extensive review and examination of strategic options for the Materials Technologies business by Air Products' Board of Directors and management.
