Air Products has signed a definitive agreement for the sale if its high-purity process chemicals (HPPC) businesses to KMG Chemicals of Houston, Texas and the sale is part of the company’s portfolio management.
The agreement includes the sale of a production facility and warehouse in Pueblo, Colo. Subject to certain regulatory requirements, Air Products will also enter into an agreement with KMG for the simultaneous sale of the assets of the HPPC business located in San Giuliano Milanese, Italy.
Mike Hilton, senior vice president and general manager of Electronics and Performance Materials, Air Products, noted, “The sale of the HPPC business is an example of how we are managing our portfolio and simplifying our business. We’re aligning our portfolio to better focus on the products where we can provide the most value to our customers.”
“In an effort to focus on what matters most to our customers, Air Products decided the HPPC business no longer fit our electronic gases, chemicals and equipment portfolio. This divestiture marks the end of our restructuring of the Electronics business and leaves us in a stronger position,” added Corning Painter, vice president of Electronics for Air Products.
The sale between Air Products and KMG is expected to close on 31st December 2007 subject to approval and all of the approximately 165 employees in Pueblo and San Giuliano Milanese are expected to be employed by KMG.