Air Products to spin off materials technologies business

• Air Products (NYSE:APD) +3.1% AH after announcing it plans to fully separate its materials technologies business through a tax-free spin-off to its shareholders within the next year.
• APD says the spinoff would allow its Industrial Gases and Materials Technologies businesses to leverage their respective critical competencies and enhance their competitive positions.
• Guillermo Novo, current exec VP of the Materials Technologies unit, would be CEO of the yet-to-be-named company.