Air Products Reports Q1 EPS Up 16% on Volume Growth and Improved Margins; Raises 2008 Full Year EP...(pany's ongoing portfoliomanagement activ...),Health

Date:1/23/2008

pany's ongoing portfolio management activities. In November 2007, the Company's Board of Directors granted the Company the authority to sell this business to its partner based on achieving certain contractual terms and conditions. On 11 December 2007, the Company announced it had signed a definitive agreement to sell its interest in its vinyl acetate ethylene (VAE) polymers joint ventures to Wacker Chemie AG, its long-time joint venture partner. As part of the agreement, the Company will receive Wacker Chemie AG's interest in the Elkton, Md., and Piedmont, S.C., production facilities and their related businesses plus cash considerations of $265. The sale, which is subject to regulatory approvals and customary closing conditions, is expected to close in the second quarter of fiscal year 2008. The Company anticipates a gain on the sale of the Polymer Emulsions business in the range of $65 to $85 ($42 to $55 after-tax).

In the first quarter of 2008, this business generated sales of $151.2 and income, net of tax, of $6.8.

The sale consists of the global VAE polymers operations including production facilities located in Calvert City, Ky.; South Brunswick, N.J.; Cologne, Germany; and Ulsan, Korea; and commercial and research capabilities in Allentown, Pa., and Burghausen, Germany. The business produces VAE for use in adhesives, paints and coatings, paper and carpet applications.

Upon completion of the sale, the Company will assume full ownership of the Elkton and Piedmont plants and related North American atmospheric emulsions and global pressure sensitive adhesives business. The Company intends to sell these businesses.

3. PENSION SETTLEMENT

A number of senior managers and others who were eligible for supplemental pension plan benefits retired in fiscal year 2007. The Company's supplemental pension plan provides for a lump sum benefit payment option at the time of retirement, or for corporate officers six months after the participant's
'/>"/>

SOURCE Air Products Copyright©2008 PR Newswire. All rights reserved

0 GOOD

Page: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
Related medicine news :

1. Makers of OTC Cough Medicines Reaffirm Efficacy of Products
2. DSS Announces Market Research Program for the Design of 2009 MA and PDP Products and Marketing Programs
3. Jan Marini Skin Research Suspends Sales of Popular Eyelash Products
4. Fusion Energy Teams Up With BPs am/pm Stores to Enhance Supercross Sponsorship and Fusion Energy Products Distribution
5. U.S. Food Safety: A Grocery List of Tainted Products
6. Statement From the Consumer Healthcare Products Association on the SAMHSA Findings on Cough Medicine Abuse
7. Align Technology Previews New Invisalign Products at JPMorgan Healthcare Conference
8. ReBuilder Medical Technologies, Inc. Expands R&D of New Products
9. Stress reduction products and services that are effective and safe
10. New ingredients in drug-like anti-aging products improve skin
11. Varian Medical Systems Acquires Pan-Pacific Enterprises for Marketing, Sales and Distribution of X-Ray Imaging Products in China