Lehigh Valley, Pennsylvania -- Air Products has finalised the sale its amine intermediate business to methylamines producer Taminco for $211 million.
The deal, first announced in August, does not affect the Pennsylvania-based firm's polyurethane chemicals and PU prepolymers businesses.
Air Products said it will incur a charge of about $0.32-$0.37 per share in the fourth quarter of fiscal 2006.
Half of the charge is due to expenses related to the sale, such as severance payments, contractual obligations and contract terminations.
The remainder of the charge is related to the corporate reorganisation and streamlining initiatives.
The amines division has facilities in Florida, Louisiana and Brazil and 225 employees, who will remain under the new owner.
"This sale is another example of us moving toward becoming a more focused, less cyclical and higher growth company," John Jones, Air Products chairman and chief executive, said.
"Our announced organisational changes and streamlining of our management structure, coupled with the sale of our amines business, will enable us to sharpen our focus on growth and produce higher returns on capital. We anticipate that the sale of our polymers business in 2007 will further contribute to these goals."