Air Products sells performance materials Division to Evonik for $3.8bn
Global industrial gases company Air Products has completed the sale of its performance materials division (PMD) to speciality chemical manufacturer Evonik Industries for $3.8bn in cash.
Under the deal, operational facilities, labs, contracts, customers, and employees and certain legal entities associated with PMD have been transferred to Evonik.
Air Products chairman, president and chief executive officer Seifi Ghasemi said: “I am pleased that we completed the sale of PMD in the time frame we promised and congratulate both the Air Products and Evonik teams who worked hard to achieve this goal.
“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.
“Since implementing this plan, Air Products has been and now has further improved, our great position to seek out and take advantage of exciting investment opportunities to grow our core industrial gases business.”
Air Products stated that it has consistently concentrated on its strategic five-point plan, which includes focus on industrial gases and taking actions on its non-core businesses.
Ghasemi further added: “I want to thank the PMD employees who worked very hard for Air Products and who made PMD a very successful business, and I know they are motivated to continue their success as Evonik employees.
“They have a great future ahead of them as part of the core business of that company.”
Earlier in 2015, the company revealed its 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, called Versum Materials, which began trading on 3 October 2016.