Air Products Agrees to Sell Its Performance Materials Division to Evonik for $3.8 Billion
Air Products' (APD) sale of the Performance Materials Division (PMD) of its Versum Materials (Versum) segment to Evonik of Germany for $3.8 billion cash accelerates its transition to a focused industrial gas (IG) company and provides significant cash to accelerate growth in core activities. It also confirms the value of APD’s non- IG businesses. Based mainly on the attractive selling price and other deal terms, we expect to maintain APD’s narrow moat rating and raise its fair value estimate by r...Air Products and Chemicals serves customers globally with a portfolio of products, services, and solutions that include atmospheric gases, process and other gases, equipment, and services. The company is a supplier of hydrogen and is engaged in helium and liquefied natural gas (LNG) process technology and equipment. The company also develops, engineers, builds, owns and operates industrial gas projects, including gasification projects that convert abundant natural resources into syngas for the production of power, fuels and chemicals. The company designs and manufactures equipment for air separation, hydrocarbon recovery and purification, LNG, and liquid helium and liquid hydrogen transport and storage.
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