Versum Materials has been selected as the new company name for the Materials Technologies business of Air Products. Air Products announced plans in September for a tax-free spin-off of this business to US shareholders on or before Sept. 2016.
Derived from the Latin word for “toward,” the name “Versum” communicates the new company’s ability to continuously move toward materials, which is core to its own business, and provide cutting-edge solutions and innovation. The name also communicates the company’s critical role in helping customers advance their products and businesses by providing market-leading technology, innovation, and valuable, reliable service.
“This is an exciting time as these Materials Technologies market-leading businesses move closer to becoming a separate publicly-owned and traded company with a distinct identity, brand and purpose. Once complete, this separation will provide our new shareholders with ownership in two leading and focused companies while offering the opportunity to value our Industrial Gases and Materials Technologies businesses independently,” said Seifi Ghasemi, Chairman, President and CEO at Air Products. Upon completion of the separation, Ghasemi will continue his role with Air Products and also become the Non-Executive Chairman of Versum Materials.
As previously announced, Guillermo Novo, currently the Executive Vice President of Materials Technologies, will become Versum Materials’ CEO at the completion of the spin-off. “As our new name suggests, we will help our customers and employees move ‘toward’ their goals with confidence and purpose,” Novo said. “From the electronics industry to the performance materials end markets we serve, we’re passionate about working closely with customers to help advance their products and technologies around the world. We look forward to the opportunity to operate as an independent, specialty materials company under the name of Versum Materials.”