Air Products’ goal is to become the safest and most profitable industrial gases company in the world, providing excellent service to customers. We have been consistently executing against our strategic, Five-Point plan, which includes focusing on industrial gases and taking actions on non-core businesses.
This includes separating Materials Technologies, comprised of Air Products’ Performance Materials Division (PMD) and Electronic Materials Division (EMD).
On May 6, 2016, Air Products announced the signing of a definitive agreement to sell PMD to Evonik Industries AG (EVK.DE). a world leader in specialty chemicals and materials, for $3.8 billion in cash, subject to regulatory approvals and customary closing conditions.
In addition, they announced the intention to spin-off EMD to shareholders as a separate public company, called Versum Materials. Air Products is on track to separate EMD by the end of September 2016 and will continue to evaluate whether debt and equity market conditions are favorable for a tax-free spin-off.
EMD generated $974 million in revenue and $351 million of adjusted EBITDA over the last twelve months ending March 31, 2016*. EMD consists of advanced materials (35 percent of revenues), process materials (39 percent) and delivery systems (26 percent). EMD has approximately 1,900 employees and includes major production facilities in the U.S., Korea and Taiwan. EMD’s focus is to be the materials partner of choice for the semiconductor industry, providing low cost/high value in use products for next generation chips used in mobile devices, Internet of Things, and PCs.
