Air Products sells specialty chemical ops to Evonik for $3.8B

• Air Products and Chemicals (NYSE:APD) +2.3% premarket after agreeing to sell its performance materials division to Germany's Evonik Industries (OTCPK:EVKIF) for $3.8B, as it carries out its plan to focus on industrial gases.
• APD also says it plans to spin off its electronic materials division to shareholders as a separate public company called Versum Materials; the spinoff is expected to occur by the end of September and will evaluate whether conditions are favorable for a tax-free spinoff.
• APD's performance materials business makes chemicals used in sun lotion and paint, and recorded $245M in sales during Q4.
• Now read Air Products and Chemicals: Great company, great value