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.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/air-products-spin-off-company-versum-materials-headquarters-to-be-in-tempe-arizona-300291338.html
SOURCE Air Products
