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News ReleaseAir Products Japan Completes Integration with Sanwa Chemical to Serve Fast-Growing Asian Chemicals Market

August 03, 2004 Lehigh Valley, Pa.

Air Products (NYSE: APD) today announced that Air Products Japan Inc., its wholly owned subsidiary in Japan, has completed the business integration with Sanwa Chemical Industry Co., Ltd., acquired in April 2003. Sanwa Chemical is a leading Asian producer of specialty polyamide resins and epoxy curing agents with operations in Japan and Singapore. Together with Air Products' own market-leading portfolio of complementary products, the combined offerings of the two companies represent the broadest range of solutions to customer challenges in high performance coatings for steel andconcrete, printing ink resins, and hot-melt adhesives.

"The Sanwa acquisition is part of Air Products' long-term commitment to the fast-growing Asia region. Since the acquisition, we have been focused on achieving full integration to improve business efficiency, value and service to our customers. Now, with all the Sanwa entities in Japan operating under the name of Air Products, we are strategically positioned for further growth," said Tetsushi Kuse, president of Air Products Japan.

With its continued expansion in Japan, Air Products has used this opportunity to relocate several operations into a single, new head office based in Kawasaki City, Kanagawa Prefecture. Air Products has further invested in a new Asian Chemicals Regional Technology Center in Kanagawa Science Park focusing on applications and new product development, technical service and process support.

Air Products, with Asia sales of approximately US$1.1 billion, has regional headquarters in Singapore, with Chemicals Group headquarters in Hong Kong. The company is a leading supplier of specialty amines, polyurethane catalysts and surfactants, specialty additives for waterborne inks and coatings, polyurethane intermediates and VAE emulsion polymers.

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.

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    Jessica Cheng
    +852-2863-0585
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    (610) 481-7461
    Air Products and Chemicals, Inc.
    7201 Hamilton Boulevard
    Allentown, PA 18195-1501
    USA
    (610) 481-2729
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