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Material | October 25, 2007

Air Products sells chemicals line to KMG

Air Products has signed a definitive agreement to sell its process chemicals (HPPC) business to KMG Chemicals of Houston, Tex.
The business had sales of $87 million in the year ended September 30, 2007. The sale is part of the Electronics business' portfolio management activities to provide customers with the high value products they demand.

The agreement includes the sale of a production facility and warehouse in Pueblo, Colo. Subject to compliance with certain applicable regulatory requirements which should entail a period of approximately four weeks, Air Products will also enter into an agreement with KMG for the simultaneous sale of the assets of the HPPC business located in San Giuliano Milanese, Italy.

It is expected that all of the approximately 165 employees at the two locations will be employed by KMG (for Milan employees, subject to the above compliance). Air Products' Dallas, Tex. facility, which manufactures some HPPC products, producing other strategic products for the company's Electronics business and will not be included in the sale.

The sale between Air Products and KMG is expected to close on 31 December 2007 subject to regulatory approval.

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