Air Products to exit energy-from-waste business; sees $900M-$1B charge

• Air Products and Chemicals (NYSE:APD -1.1%) says it will exit its energy-from-waste business and book a related $900M-$1B pre-tax charge during Q2.
• APD says it will no longer continue the Tees Valley projects in the U.K. after an analysis indicated that additional design and operational challenges would require significant time and cost to rectify.
• APD says the move should increase its return on capital employed from continuing operations by ~80 bps.
• Now read Air Products and Chemicals: Great company, great value