Air Products has completed the separation of its Electronics Materials Division through the spin-off of Versum Materials, Inc. (Versum).
Versum begins ‘regular way’ trading today on the New York Stock Exchange NYSE under the symbol ‘VSM’.
Air Products common stockholders receive one share of common stock of Versum for every two shares of Air Products stock held as of the close of business on 21st September 2016.
Seifi Ghasemi, Chairman, President and CEO of Air Products and Non-Executive Chairman of the Versum Board of Directors will be joined by Guillermo Novo, President and CEO of Versum, and other members of the Versum Materials team to ring the New York Stock Exchange opening bell tomorrow (4th October 2016).
Ghasemi said, “I am confident that Versum Materials has been set up for a successful future, and the team can now fully pursue the goal of being the premier specialty materials provider to the semiconductor industry.”
“Meanwhile, we continue to work to complete the sale of our Performance Materials Division as soon as possible. As a result of these two moves, which are consistent with our Five-Point Plan, Air Products will be in an even stronger position to deliver for our shareholders by taking advantage of the exciting investment opportunities to grow our core industrial gases business.”
Air Products and the National Institute of Clean-and-Low-Carbon Energy (NICE) have signed a Memorandum of Understanding (MOU) that outlays a collaborative effort to potentially work together on hydrogen fuelling projects in China.
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