March 17, 2011 Lehigh Valley, Pa.
As part of Air Products’ (NYSE:APD) focus to return value to its shareholders, the Board of Directors of Air Products today increased the quarterly dividend on the company’s common stock to 58 cents per share from 49 cents, an increase of 18 percent.
Additionally, since December 31, 2010, the company has repurchased about $350 million in shares as part of a previously authorized share repurchase.
“We believe that investors should share directly in the improved operating performance of their company,” said John McGlade, chairman, president and chief executive officer. “These actions demonstrate our commitment to returning cash to shareholders and our confidence in Air Products’ ability to generate strong free cash flow.”
The dividend is payable on May 9, 2011 to shareholders of record at the close of business on April 1, 2011. This marks the 29th consecutive year that Air Products has increased its dividend payment.
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. In fiscal 2010, Air Products had revenues of $9 billion, operations in over 40 countries, and 18,300 employees around the globe. For more information, visit www.airproducts.com.
NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2010.