As the world economy remains in a state of shock, Air Products has now announced that it will take a restructuring charge to earnings in its fiscal 2009 first quarter and adapt to the ever-deepening downturn across the globe.
The restructuring charge will see the company move to a lower cost structure and better align its businesses to reflect rapidly declining economic conditions around the world.
Air Products also announced that it is revising its earnings outlook for its fiscal 2009 first quarter.
The pre-tax charge to earnings in the first quarter is expected to be in the range of $140-160m, or approximately $0.43-0.50 per share. Around three-quarters of this restructuring charge is for severance costs related to the elimination of approximately 1,300 positions, or about 7% of Air Products’ global workforce.
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