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...
Praxair is an industrial gas company in North and South America. The company's operations consist of two main product lines: industrial gases and surface technologies. The industrial gases product line centers on the manufacturing and distribution of atmospheric gases (oxygen, nitrogen, argon, rare gases) and process gases (carbon dioxide, helium, hydrogen, electronic gases, specialty gases, acetylene). The company's surface technologies segment supplies wear-resistant and high-temperature corrosion-resistant metallic and ceramic coatings and powders. The company's subsidiary, Praxair Surface Technologies, supplies wear-resistant and high-temperature corrosion-resistant metallic and ceramic coatings and powders.
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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