January 26, 2004 Lehigh Valley, Pa.
Air Products and Chemicals, Inc. (NYSE: APD) and ITWC, Inc. today announced that Air Products' MDI (methylene-diphenylene isocyanate) business has been purchased by ITWC, a Malcom, Iowa-based company that is a leading supplier of prepolymers, systems and equipment to the urethane industry. In the purchase, ITWC gains the MDI business, inventory and customer base for this product area from Air Products.
The deal completes a relationship that began eight years ago when ITWC started producing all MDI offerings for Air Products. "ITWC had been of great assistance in expanding the product line we were offering with MDI systems," said Curtis D. Junge, global business manager for Polyurethane Specialty Products at Air Products. "The sale of this business is consistent with our portfolio management strategy, and as we reviewed this product area, we decided for this process sensitive market that ITWC and its direct support would benefit Airthane® product customers."
Roger Smith, vice president, Sales at ITWC, Inc. said, "Air Products has helped us grow over the years, and we have a good relationship that I am sure will continue. The sales organization at ITWC has grown to the point that we are now able to deal directly with all our MDI customers. Our objective is to build a closer relationship with our new MDI customers. This transfer should be transparent to our existing and our expanded customer base, and we hope to continually make improvements to customer service."
Prepolymers are used extensively in a wide array of plastic parts and products ranging from shopping cart and industrial wheels to bowling balls, golf ball covers, and various mechanical goods, as a few examples.
Air Products (NYSE:APD) serves customers in technology, energy, healthcare and industrial markets worldwide with a unique portfolio of products, services and solutions, providing atmospheric gases, process and specialty gases, performance materials and chemical intermediates. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. With annual revenues of $6.3 billion and operations in over 30 countries, the company's 18,500 employees build lasting relationships with their customers and communities based on understanding, integrity and passion. For more information, visit www.airproducts.com.
ITWC, Inc. is a solutions oriented, full service provider to the urethane industry. The company's focus is on making and providing high quality prepolymers, systems, modified MDIs, curatives and mold release in quantities from pails to bulk. ITWC has a full line of mixing/metering machines and auxiliary equipment. ITWC designs, constructs and installs bulk storage facilities. ITWC also provides prototype molding, TPU development and production, on-site training, and fast service and support. For more information, visit www.itwcinc.com.
NOTE: This release may contain forward-looking statements. Actual results could vary materially, due to changes in current expectations.
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