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Air Products Completes $3.8 Billion Performance Materials Division Sale to Evonik

Company’s strategic plan to focus on core industrial gases business now fully in place.

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

Air Products has completed the sale of its Performance Materials Division (PMD) to Evonik Industries AG (EVK.DE) for $3.8 billion in cash. The agreement to sell PMD to Evonik, a world leader in specialty chemicals, was initially announced in May 2016.
 
“Combined with the other actions we have already taken, we are now fully focused on industrial gases in alignment with our strategic Five-Point Plan,” said Seifi Ghasemi, Air Products’ chairman, president and CEO.
 
Air Products has consistently executed against its strategic Five-Point Plan, which includes focusing on industrial gases and taking actions on non-core businesses. In September 2015, the Company announced plans to separate Materials Technologies, which included PMD and the Electronic Materials Division (EMD). EMD was successfully spun-off to shareholders as a separate public company, Versum Materials, Inc., that began trading on Oct. 3, 2016.

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