Who we are
Understanding, integrity and passion underpin the way more than 20,000 Air Products employees around the world build lasting relationships with stakeholders, from customers and local communities to shareholders and suppliers. Our culture is based on open innovation, operational excellence and a commitment to safety and the environment.

What we do
As a leading global supplier of atmospheric, process and specialty gases; performance materials; equipment; and services, we serve many of today's growth industries, including energy, technology and healthcare, and a wide variety of industrial and other markets. We’ve built leading supply positions in refinery hydrogen, semiconductor and flat panel display materials, natural gas liquefaction equipment, home healthcare services, and advanced materials for high-performance, more environmentally friendly coatings and adhesives.

Diverse and Global
Our customers are diverse, and that diversity contributes to more stable, consistent revenues and earnings relative to many of our peers. We are also geographically diversified, with operations in over 40 countries and more than half of our revenues outside of the U.S.

Creating Shareholder Value

Reorganized for growth and returns

Six Reporting Segments Merchant Gases Tonnage Gases Electronics and Performance Materials Equipment and Energy Healthcare Chemicals

In 2006, we announced a strategic business reorganization into four global businesses—Merchant Gases; Tonnage Gases, Equipment and Energy; Electronics and Performance Materials; and Healthcare—and the appointment of John McGlade as President and Chief Operating Officer. We also began reporting financial results in six segments. For more information, see our latest Annual Report: www.airproducts.com/invest/ar2006/default.asp.

Portfolio management

From 2000–2006, Air Products divested businesses with sales of approximately $900 million and made strategic acquisitions with sales of approximately $1.1 billion.

We continually manage our portfolio, helping to reduce cyclicality, drive profitability in our growth businesses, and lower our cost of capital. In 2006, for example, we divested our Amines business and our dinitrotoluene plant in Geismar, Louisiana and acquired Tomah³ Products to broaden our Performance Materials offerings. And in early 2007, we acquired the remaining 30% equity interest in our Malaysian company and announced a definitive agreement pending regulatory approval to acquire the Polish industrial gas business of BOC Gazy Sp z o.o from The Linde Group.

Dividend policy and share repurchase

(click to view larger graph)

We continue to return cash to shareholders while investing strategically in our growth businesses. Air Products' Board of Directors approved a $1.5 billion share repurchase program in 2006, which followed a $500 million program completed in 2005, and again increased the dividend. The latest increase, approved in March 2007, marks the 25th consecutive year that Air Products has increased its dividend payment.

Stock performance

(click to view larger graph)

If you look at our shareholder return performance through the end of fiscal 2006, we continue to outperform the market—a reflection of our stability, market and product diversity, attractive business models, strong cash flows and our increasingly disciplined approach to capital spending.