July 01, 2008 Lehigh Valley, Pa.
Air Products (NYSE:APD) has completed the previously announced sale of its non-pressure emulsions business and related production facilities in Elkton, Md., and Piedmont, S.C., to Ashland Inc. for $92 million.
“We are pleased to complete this sale to Ashland, who best recognized the value of the employees and assets of this business,” said Wayne Mitchell, vice president, Performance Materials for Air Products. “I’d like to thank the employees of these businesses for their hard work and dedication since we announced our intention to sell these businesses. We wish them well in their continued employment with Ashland.”
The Piedmont facility manufactures Flexcryl pressure sensitive adhesives. The Elkton plant produces atmospheric emulsions that are used in paint, adhesives, and paper coatings.
The 80 employees associated with the business have been offered employment with Ashland, which plans to continue operations at the Piedmont and Elkton facilities.
In January 2008, Air Products sold its interest in Air Products Polymers to Wacker Chemie AG, its partner in the venture. As part of the sale, Air Products acquired full ownership of the Elkton and Piedmont facilities.
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.