Allentown, Pennsylvania -- Air Products plans to spin off its Materials Technologies division – which includes polyurethanes additives - to its shareholders before September 2016.
Seifi Ghasemi, Air Products chairman, president and ceo, said the move “will create significant shareholder value” and “enhance [the company's] competitive position”.
In 2014, the division posted sales of $2.4bn, which represented 23% of Air Products’ total sales over the year.
Performance Materials operates five production facilities in the US, three in Europe and four in Asia, seven of which are owned.
Air Products’ Performance Materials sales increased 10% in 2014 compared to 2013. The firm’s annual report said higher volumes (11%) were partially offset by lower pricing of 1% and higher volumes were across all products.