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