Fri, May 6, 8:00 AM
- Air Products and Chemicals (NYSE:APD) +2.3% premarket after agreeing to sell its performance materials division to Germany's Evonik Industries (OTC: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
Dec. 1, 2015, 1:16 PM
- Air Products (APD +0.8%) CEO Seifi Ghasemi says the company will not pursue a bid to acquire Airgas (ARG +0.2%).
- APD has long sought to acquire ARG, which agreed last month to sell itself to Air Liquide (OTCPK:AIQUF) in a deal valued at $143/share.
- The CEO also backs APD’s guidance for FY 2016 EPS on continuing operations of $7.25-$7.50, vs $7.39 analyst consensus estimate.
Nov. 18, 2015, 2:48 PM
- Airgas (ARG +0.8%) continues to rise following yesterday's news that it was being acquired by Air Liquide (OTCPK:AIQUF) for ~$13.4B; however, Air Liquide shares fell 7.4% in Paris trading today.
- UBS keeps a Sell rating on Air Liquide and describes the deal as "pricey" at a premium of 50.6% to ARG's one-month average share price.
- Americas Air Liquide President and CEO Michael Graff admits the price is hefty but says "we’re looking at long-term strategic value... It’s the biggest player in the packaged gas business in the U.S. You are going to pay what is appropriate."
- Air Liquide forecasts that up to 25% of the increase in global industrial gas demand will come in the U.S.; Graff specifically expects more growth along the Gulf coast related to providing industrial gases for the ongoing petrochemical growth surge, as well as for refineries and oil and gas production from the shale boom.
- The deal comes after ARG fended off a takeover bid in 2010 from rival Air Products (APD -0.3%); Air Liquide's agreement to pay more than double the per-share price offered by APD now is looking smart.
Jun. 3, 2013, 2:25 PM
Air Products (APD -0.1%) acquires EPCO Carbon Dioxide Products, a privately-held producer and marketer of liquid carbon dioxide headquartered in Louisiana. The deal also includes Louisiana Leasing, an affiliated company that owns liquid carbon dioxide distribution assets that are solely leased to EPCO. The immediately propels APD to a leading position in the North American liquid carbon dioxide market. Financial details weren't disclosed.| Jun. 3, 2013, 2:25 PM
Jun. 19, 2012, 6:50 AM
Air Products and Chemicals (APD) will buy a 67% stake in Chile's Indura for $884M. "This investment will position Air Products as the second largest industrial gas producer in Latin America, a region second in growth only to Asia." (PR)| Jun. 19, 2012, 6:50 AM
Mar. 1, 2012, 8:07 AM
Jan. 9, 2012, 8:17 AM
Air Products (APD) to sell its Homecare Business in continental Europe to The Linde Group for €590M. (PR)| Jan. 9, 2012, 8:17 AM