Allentown, Pennsylvania – Versum Materials will become a new name in the polyurethane industry when Air Products spins off its Materials Technologies businesses to shareholders.
No more details on the date of the spin-off or number of Versum Materials shares which each Air Products share will generate were given in Air Products' press release.
Air Products said its Materials Technologies business is global and operates within niche markets. For fiscal year 2015, Materials Technologies, had sales of approximately $2.1 billion and EBITDA margins in excess of 27%, said Air Products.
The Performance Materials Division makes epoxy additives, polyurethane additives and specialty additives to the construction, composites, adhesives, coatings and other industries.