Air Products Completes $3.8 Billion Sale of Performance Materials Unit to Evonik of Germany
Air Products announced Jan. 3 that it has completed the sale of its performance materials division to Evonik of Germany for $3.8 billion in cash. The firm announced the sale in May 2016 as part of a larger plan to divest its remaining nonindustrial gases businesses. We anticipate no change in our fair value estimate or narrow moat rating as a result.For management, completing the sale of its performance materials division is the final piece in a multiyear program to reposition the company, redu...
Linde is a gases and engineering company based in Germany. Co. operates through two divisions. The Gases division provides a range of compressed and liquefied gases as well as chemicals. Co.'s gases are used in the energy sector, in steel production, chemical processing, environmental protection, and welding, as well as in food processing, glass production and electronics. The Engineering division is engaged in industrial plants construction globally, focusing on market segments such as plants for the production of hydrogen and synthesis gas, air separation and olefins as well as plants for natural gas treatment.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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