February 01, 2008 Lehigh Valley, Pa.
Air Products (NYSE:APD) today said it has completed the previously announced sale of its interests in its vinyl acetate ethylene (VAE) polymers joint ventures to its partner, Wacker Chemie AG, for $265 million and full ownership in the Elkton, Md., and Piedmont, S.C., production facilities and their related businesses.
“We are pleased to complete this sale to Wacker, our long time joint venture partner. This move is consistent with our efforts to make Air Products a more focused, less cyclical, higher growth and higher return company,” said John McGlade, president and CEO of Air Products. “I want to thank our Polymers employees for their hard work and dedication since we announced our intention to sell these businesses. We wish them well in their continued employment with Wacker Chemie.”
The sale consists of the global VAE polymers operations including production facilities located in Calvert City, Ky.; South Brunswick, N.J.; Cologne, Germany; and Ulsan, Korea; and commercial and research capabilities in Lehigh Valley, Pa., and Burghausen, Germany. The business produces VAE for use in adhesives, paints and coatings, paper and carpet applications. There are approximately 430 employees directly associated with this business. These employees have been offered employment with Wacker, which intends to continue operating the business out of the Lehigh Valley.
Air Products is currently seeking a buyer for the Elkton and Piedmont plants and related North American atmospheric emulsions and global pressure sensitive adhesives businesses.
Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. 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. Air Products has annual revenues of $10 billion, operations in over 40 countries, and 22,000 employees around the globe. 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.