Air Products has been awarded a $5.6m cost share contract by the US Navy for a research and development effort for hydrogen-fueled material handling equipment.

The contract was competitively procured and advertised via the internet and contract funds in the amount of $1.4m will expire at the end of the current fiscal year. Work will be performed at Susquehanna, Pennsylvania and is due to be completed by September 2010.

The Naval Surface Warfare Centre, Crane Division, Crane, Ind. is the contracting activity.

Meanwhile, a chief executive and chairman of Air Products & Chemicals has exercised options for 25,000 shares of common stock, according to a Securities and Exchange Commission (SEC) filing in the US.

In forms filed to the SEC last week, John P. Jones III reported he exercised the options for $29.47 each and subsequently sold all the shares on the same days for $89.25 to $90.74 apiece.