LEHIGH VALLEY, Pa.,
June 28, 2016 /PRNewswire/
-- Air Products (NYSE: APD) continues to work toward the
previously announced intended spin-off of its Materials
Technologies' Electronic Materials Division (EMD), to what is to
become Versum Materials. As part of this continuing process, Versum
Materials today announced when it becomes a standalone company, its
headquarters offices will be located in Tempe, Arizona.
"Part of our overall strategy as a separate company is to be
more market facing and agile by co-locating our business
capabilities closer to the companies we serve. Our focus is on
serving our semiconductor customers. We have existing Electronic
Materials production, research and development, and a workforce in
Tempe, and our major U.S.
customers are located in the Western U.S.," said Guillermo Novo, who will be the CEO of Versum
Materials. "Additionally, over 70 percent of the market is now in
Asia and it continues to grow.
Locating in Tempe will allow us to
improve our connectivity with both our U.S. and Asia teams and customers. This decision is
part of a broader plan to be closer to our customers and position
Versum for success."
Novo added certain administrative functions will remain in
Pennsylvania in the Allentown area. "We have great people with
experience and knowledge performing jobs that are critical to our
company, like Accounting and IT, for example. These people have
been integral to the transition as we move toward Versum. Having
employees who understand our business will allow us to stay focused
on our separation and continue to support our business performance
going forward," Novo said. "Between our manufacturing and
administrative infrastructure that will remain, Versum will
continue to have a significant footprint in the Lehigh Valley area."
Today's headquarters announcement follows several other moves
that have been decided as the business separation intended for
September 2016 nears. Most recently
it was decided Versum's research and development labs would be
relocated over the next year to Tempe; Hometown,
Pennsylvania; Taiwan; and
Korea. The commercial organization for the much of the business is
also relocating to Tempe.
EMD had approximately $1 billion
in sales in 2015. It employs approximately 1,900 people and
includes major production facilities in the U.S., Korea and
Taiwan. Versum Materials' focus is
to be the materials partner of choice for the semiconductor
industry, providing high value in-use products for next generation
chips used in mobile devices, Internet of Things, and PCs.
About Air Products
Air Products (NYSE:APD) is a world-leading Industrial Gases company
celebrating 75 years of operation. The company's core Industrial
Gases business provides atmospheric and process gases and related
equipment to manufacturing markets, including refining and
petrochemical, metals, electronics, and food and beverage. Air
Products is also the world's leading supplier of liquefied natural
gas process technology and equipment. The company's Materials
Technologies business serves the semiconductor, polyurethanes,
cleaning and coatings, and adhesives industries.
The company had fiscal 2015 sales of $9.9
billion and was ranked number 288 on the Fortune 500 annual
list of public companies. Approximately 19,000 employees in 50
countries strive to make Air Products the world's safest and best
performing Industrial Gases company, providing sustainable
offerings and excellent service to all customers. For more
information, visit www.airproducts.com.
NOTE: This news release contains "forward-looking
statements" within the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 including statements about
the Company's plans for completion of the spin-off, the expected
benefits of the spin-off, the tax free nature of the spin-off, the
prospects for the independent companies following the spin-off and
the timing of the transaction. These forward-looking statements are
based on management's reasonable expectations and assumptions as of
the date of this release. Actual results may differ materially from
the expectations expressed in the forward-looking statements
because of many factors not anticipated by management, including,
without limitation, our ability to obtain regulatory approvals, Air
Products' decision not to consummate the spin-off due to market,
economic or other events; our ability to fully realize the
anticipated benefits of the spin-off; negative effects of the
announcement or the consummation of the proposed spin-off on the
market price of the company's common stock; significant transaction
costs and or unknown liabilities; general economic and business
conditions that affect the companies in connection with the
proposed spin-off; changes in capital market conditions; future
opportunities that the Company's board may determine present
greater potential to increase shareholder value, the ability of our
companies to operate independently following the spin-off; and
other risk factors described in the Company's Form 10-K for its
fiscal year ended September 30, 2015.
The Company disclaims any obligation or undertaking to disseminate
any updates or revisions to any forward-looking statements
contained in this document to reflect any change in assumptions,
beliefs or expectations or any change in events, conditions, or
circumstances upon which any such forward-looking statements are
based.
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SOURCE Air Products