June 30, 2004 Lehigh Valley, Pa.
A report published by a consortium of some of the world's largest pension funds and institutional money holders has identified Air Products (NYSE:APD) as a leader based on responses provided to its climate-change challenge.
The Carbon Disclosure Project (CDP) is a group of 95 global institutional investors who manage more than $10 trillion in assets—an amount roughly equal in current dollar terms to the 2003 US Gross Domestic Product. At the end of last year, the CDP sent a survey to the FT500 Global Index of companies, asking them to disclose investment-relevant information on risks and opportunities related to climate change. Innovest Strategic Value Advisors—an internationally recognized investment research and advisory firm that specializes in analyzing companies' environmental, social and strategic governance performance—compiled the latest CDP results report, which is accessible at www.cdproject.net.
Air Products was one of 50 companies whose responses "best addressed the breadth of climate change issues." According to the CDP, climate change can impact shareholder value both positively and negatively, making it important for companies to actively communicate so investors can more readily assess and evaluate the issue.
"We are very pleased to be counted among the top 10 percent of FT500 companies in the CDP's report and ranked as the leading chemical company within their prestigious Climate Leadership Index," said John Jones, chairman and chief executive officer.
Andy Casale, head of Air Products' Greenhouse Gas (GHG) Strategy Team, which serves as the company's center of excellence for GHG issues, believes climate change will increase demand for technologies that produce cleaner energy and improve energy efficiency. "Air Products has built a reputation as a worldwide leader in the development and supply of these innovative technologies, and in the efficient use of power and natural gas. So it's no surprise that climate change concerns are already providing numerous business opportunities for us to help customers achieve significant environmental benefits," he said.
Casale pointed to Air Products' active involvement in the emerging hydrogen economy and related fueling infrastructure; gas-to-liquids and liquefied natural gas technologies; ion transport membrane syngas and oxygen technologies; ultra-high purity White Ammonia™ for high performance light emitting diodes; and nitrogen trifluoride for reducing perfluorocarbon emissions in semiconductor manufacturing, calling them, "good examples of how we are helping customers lower waste output and emissions, conserve energy and reduce costs." For more information, visit our customers and sustainability Web site.
About the Carbon Disclosure Project
Launched in December 2000 at No. 10 Downing Street, the CDP is the world's largest collaborative investor initiative on a corporate responsibility issue. Based on responses to its climate change survey questions, the CDP constructs a Climate Leadership Index, comprising the 50 "best in class" companies that "are seizing the initiative across the spectrum of activities to shape their value and competitive potential as the shift to a low-carbon economy proceeds." To date, the CDP has published two reports (February 2003 and May 2004) based on information requests from the FT500. A third information request is planned.
About Air Products
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.