Air Products has completed the previously announced sale of its high purity process chemicals (HPPC) business for approximately $75m to KMG Chemicals (NASDAQ: KMGB), a producer and distributor of mature specialty chemicals for carefully focused global markets.
“We are pleased to complete this sale to KMG Chemicals. We’re aligning our portfolio to better focus on the products where we can provide the most value to our customers. We thank all of the employees involved for their hard work in running the HPPC business and completing this sale,” said Mike Hilton, senior vice president and general manager, Electronics and Performance Materials.
The sale of the HPPC business, which generated $87m in revenues in fiscal year 2007, includes production facilities located in Pueblo, Colo., and Milan, Italy. About 160 employees directly associated with this business will continue with KMG Chemicals.