May 20, 2004 Lehigh Valley, Pa.
The Board of Directors of Air Products (NYSE:APD) today increased the quarterly dividend on the company's common stock to 29 cents per share from 23 cents. This represents an increase of 26 percent. The dividend is payable on August 9, 2004 to shareholders of record at the close of business on July 1, 2004.
"Today's increase is further evidence our strategies are working and delivering greater value to our shareholders. This action is a signal of the confidence we have in our ability to profitably grow our business and increase our return on capital," said John Jones, chairman and chief executive officer. "We have very strong cash flows, driven by our stable businesses, capital discipline and the diverse markets and geographies we serve."
Mr. Jones noted that Air Products has a longstanding commitment to dividend growth, with 22 years of consecutive increases.
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.
***NOTE: This release may contain forward-looking statements. Actual results could vary materially, due to changes in current expectations.