Air Products has filed an initial Form 10* registration statement with the US Securities and Exchange Commission to move forward the previously announced spin-off of its Materials Technologies business.
The spin-off business will be named Vercum Materials.
The new company will be a global business that delivers specialty solutions focused within niche markets, holds leading positions in most of its end-markets, and is focused on innovation-driven solutions.
Its Electronic Materials Division provides tailored solutions and materials to customers in the semiconductor industry, while the Performance Materials Division provides epoxy, polyurethane, and specialty additives to the construction, composites, adhesives, coatings and other industries.
The new Form 10 filing also identifies members of the Versum Materials leadership team, including CEO Guillermo Novo; George Bitto, who will serve as Chief Financial Officer and Information Technology Director; Pat Loughlin, who will serve as Senior Vice-President, Operations and Supply Chain; and Michael Valente, who will serve as Senior Vice-President, Law and Human Resources, general counsel and secretary.
“This filing is another important step toward providing current shareholders ownership in two leading and focused companies,” said Seifi Ghasemi, Chairman, President and CEO at Air Products.
“We will set up Versum Materials to be a best-in-class specialty materials company, committed to innovating performance-critical products for customers, delivering strong financial results for shareholders, and advancing employees.”
Novo added, “We look forward to the opportunity to operate as a stand-alone company focused on specialty materials. 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.”
Air Products expects to complete the spin-off on or before September 2016, and Versum Materials intends to apply to have its common stock authorised for listing on the New York Stock Exchange, Inc. (NYSE). Following the spin-off, Ghasemi will maintain his role at Air Products and be Non-Executive Chairman of Versum Materials.