Air Products (NYSE:APD) has filed an amended Form 10 registration statement* with the United States Securities and Exchange Commission (SEC) for its Electronic Materials Division (EMD) spin-off company, Versum Materials**.
The filing includes detailed information about the business’ performance, including Versum audited combined financial statements and Versum unaudited pro-forma financial statements. With strong customer focus, high margins, low capital intensity, and strong cash flow, the filing also highlights Versum’s opportunities to capture additional, profitable growth.
“The filing with the SEC helps move Versum Materials forward to create a best-in-class, focused electronic materials company,” said Seifi Ghasemi, chairman, president and chief executive officer (CEO) of Air Products, who will also be Chairman of Versum Materials. “With this separation, each company will be able to focus on what it does best and capitalize on distinct opportunities for long-term growth and profitability.”
Subject to all regulatory approvals and approval by Air Products’ Board, Air Products is currently targeting a tax-free spin-off of Versum Materials shares to shareholders in October 2016. Versum Materials intends to have its common stock authorized for listing on the New York Stock Exchange, Inc.
“Versum’s goal is to be the partner of choice for the semiconductor industry, providing innovative products and expertise for next generation chips used in mobile devices, Internet of Things, and PCs,” said Guillermo Novo, who will be president and CEO of Versum Materials and a member of its Board of Directors. “Our filing is another step toward that ultimate goal, and it reflects our focus on always being Future Ready.”
With over $1 billion in sales in fiscal 2015, Versum Materials has approximately 1,900 employees, 14 manufacturing and six research and development facilities in the Americas and Asia, and serves more than 250 customers. Versum Materials is comprised of two primary business segments, Materials (74% of fiscal 2015 revenues) and Delivery Systems and Services (26% of fiscal 2015 revenues). It participates in six of seven key semiconductor process steps, supplying high purity specialty process gas, cleaners and etchants, slurries, organosilanes and organometallics deposition films, and equipment.