Details Some of the Company's Omissions,
Obfuscations, and Misleading Statements Concerning Air Products'
Performance, Strategy, and Key Projects
Shareholder-Led Board Refreshment is the
Necessary First Step Toward Recovering from Damage Done Over Mr.
Seifi Ghasemi's Last Five Years as
Chairman and CEO
Air Products is Not the First Company Led by
Mr. Ghasemi to Have Integrity Issues
Electing Mantle's Ridge's Four Highly
Qualified Director Nominees – Andrew
Evans, Paul Hilal, Tracy
McKibben, and Dennis Reilley
– Will Help Reset Air Products' Leadership Culture and Launch a New
Chapter of Prosperity
Urges Shareholders to Vote the BLUE
Proxy Card "FOR" Mantle Ridge's Four Highly Qualified
Director Nominees and "WITHHOLD" on the Company Nominees
Charles Cogut, Lisa A. Davis,
Seifollah "Seifi" Ghasemi and Edward L.
Monser
View the Letter and Related Materials at
www.RefreshingAirProducts.com
NEW
YORK, Jan. 6, 2025 /PRNewswire/ -- Mantle Ridge
LP, which, together with its affiliates (collectively, "Mantle
Ridge"), beneficially owns approximately $1.3 billion of the outstanding common shares of
Air Products and Chemicals, Inc. (NYSE: APD) ("Air Products" or the
"Company"), today sent a letter to the Company's shareholders
detailing significant omissions, obfuscations, and misleading
claims from Air Products' incumbent leadership regarding its own
performance, strategy, and key projects. The letter also highlights
that a company Mr. Ghasemi previously led also had major integrity
issues, as evidenced by findings of large-scale corporate fraud on
his watch.
Mantle Ridge encourages all shareholders to review the attached
letter, which is also accessible alongside related materials at
www.RefreshingAirProducts.com.
To Restore Air Products' Performance and
Create the Long-Term Value that Shareholders Deserve, Mantle Ridge
Urges Shareholders to Vote the BLUE Proxy Card "FOR" Mantle Ridge's
Four Highly Qualified Director Nominees and "WITHHOLD" on the
Company Nominees Charles Cogut, Lisa A.
Davis, Seifollah "Seifi" Ghasemi and Edward L. Monser
Additional information regarding Mantle Ridge's highly qualified
nominees and other materials related to its proxy campaign may be
found at www.RefreshingAirProducts.com.
About Mantle Ridge
Founded in 2016, Mantle Ridge LP is an engaged, long-term
owner-steward that works closely and constructively with company
boards to create durable long-term value for all stakeholders. None
of Mantle Ridge's affiliated entities is a hedge fund or other
investment vehicle with a structurally short-term incentive.
Mantle Ridge engages with the expectation of maintaining an
ownership position over the very long-term. Mantle Ridge has raised
separate, single-investment, five-year special purpose vehicles to
support its previous engagements with companies including CSX
Corporation, Aramark, and Dollar Tree. For more information,
visit https://www.mantleridge.com/.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
The information herein contains "forward-looking statements."
Specific forward-looking statements can be identified by the fact
that they do not relate strictly to historical or current facts and
include, without limitation, words such as "may," "will,"
"expects," "believes," "anticipates," "plans," "estimates,"
"projects," "potential," "targets," "forecasts," "seeks," "could,"
"should" or the negative of such terms or other variations on such
terms or comparable terminology. Similarly, statements that
describe our objectives, plans or goals are forward-looking.
Forward-looking statements are subject to various risks and
uncertainties and assumptions. There can be no assurance that any
idea or assumption herein is, or will be proven, correct. If one or
more of the risks or uncertainties materialize, or if any of the
underlying assumptions of Mantle Ridge LP and its affiliates
(collectively, "Mantle Ridge") or any of the other participants in
the proxy solicitation described herein prove to be incorrect, the
actual results may vary materially from outcomes indicated by these
statements. Accordingly, forward-looking statements should not be
regarded as a representation by Mantle Ridge that the future plans,
estimates or expectations contemplated will ever be achieved.
Certain statements and information included herein may have been
sourced from third parties. Mantle Ridge does not make any
representations regarding the accuracy, completeness or timeliness
of such third party statements or information. Except as may
be expressly set forth herein, permission to cite such statements
or information has neither been sought nor obtained from such third
parties, nor has Mantle Ridge paid for any such statements or
information. Any such statements or information should not be
viewed as an indication of support from such third parties for the
views expressed herein.
Mantle Ridge disclaims any obligation to update the information
herein or to disclose the results of any revisions that may be made
to any projected results or forward-looking statements herein to
reflect events or circumstances after the date of such information,
projected results or statements or to reflect the occurrence of
anticipated or unanticipated events.
CERTAIN INFORMATION CONCERNING THE PARTICIPANTS
Mantle Ridge LP and the other Participants (as defined below)
have filed a definitive proxy statement (the "Definitive Proxy
Statement") and accompanying BLUE universal proxy card or voting
instruction form with the SEC to be used to solicit proxies for,
among other matters, the election of its slate of director nominees
at the 2025 annual meeting of stockholders of the Company (the
"2025 Annual Meeting"). Shortly after filing the Definitive Proxy
Statement with the SEC, Mantle Ridge LP furnished the Definitive
Proxy Statement and accompanying BLUE universal proxy card or
voting instruction form to some or all of the stockholders entitled
to vote at the 2025 Annual Meeting.
The participants in the proxy solicitation are Mantle Ridge LP,
Eagle Fund A1 Ltd, Eagle Advisor LLC, Paul Hilal (all of the
foregoing persons, collectively, the "Mantle Ridge Parties"),
Andrew Evans, Tracy McKibben and Dennis Reilley (such individuals, collectively
with the Mantle Ridge Parties, the "Participants").
IMPORTANT INFORMATION AND WHERE TO FIND IT
MANTLE RIDGE LP STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY
TO READ ITS DEFINITIVE PROXY STATEMENT, ANY AMENDMENTS OR
SUPPLEMENTS TO SUCH PROXY STATEMENT AND OTHER PROXY MATERIALS FILED
BY MANTLE RIDGE LP WITH THE SEC AS THEY BECOME AVAILABLE BECAUSE
THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL
BE AVAILABLE AT NO CHARGE ON THE SEC'S WEBSITE AT WWW.SEC.GOV. THE
DEFINITIVE PROXY STATEMENT AND OTHER RELEVANT DOCUMENTS ARE ALSO
AVAILABLE ON THE SEC'S WEBSITE, FREE OF CHARGE, OR BY DIRECTING A
REQUEST TO THE PARTICIPANTS' PROXY SOLICITOR, D.F. KING & CO., INC., 48 WALL STREET, 22ND
FLOOR, NEW YORK, NEW YORK 10005.
STOCKHOLDERS CAN CALL TOLL-FREE:
(888) 628-8208.
Information about the Participants and a description of their
direct or indirect interests by security holdings or otherwise can
be found in the Definitive Proxy Statement.
Investor Contact
D.F. King & Co., Inc.
Edward McCarthy
Tel: (212) 493-6952
Media Contacts
Jonathan
Gasthalter / Nathaniel
Garnick
Gasthalter & Co.
Tel: (212) 257-4170
Email: RefreshingAPD@gasthalter.com
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SOURCE Mantle Ridge LP
