Financial News Releases

Air Products Reports Fiscal Q1 EPS Up One Percent to $1.36

Tue, 24 Jan 2012 00:00:00 -0500

Quarter Summary

Underlying sales increased 1%
Tonnage gases sales up on new projects
New China project is the largest on-site ASU order
Announced intention to divest Continental Europe Homecare business

Air Products (NYSE:APD) today reported net income of $292 million*, or diluted earnings per share (EPS) of $1.36*, for its fiscal first quarter ended December 31, 2011, versus $296 million* and $1.35* for the first quarter of fiscal 2011.

The discussion of first quarter results and guidance in this release is based on non-GAAP comparisons. A reconciliation can be found at the end of this release.*

First quarter revenues of $2,423 million increased one percent versus the prior year on higher prices in Merchant Gases and Performance Materials. Higher volumes from new plants in Tonnage Gases were offset by lower Equipment sales and lower volumes in Performance Materials and Merchant Gases.

Sequentially, sales declined seven percent due to seasonality in Electronics and Performance Materials and Merchant Gases, plus currency effects. Operating income of $385 million was down five percent and margin of 15.9% was down 100 basis points from last year driven by lower Equipment sales and weaker Merchant Gases volumes.

John McGlade, chairman, president and chief executive officer, said, “As we expected, economic growth continued to slow this quarter, depressing volumes and limiting earnings growth. In spite of these economic headwinds, we did improve our operating performance, while lowering costs and winning significant new tonnage contracts.”

First Quarter Segment Performance

Merchant Gases sales of $989 million were unchanged versus prior year as lower volumes were offset by higher pricing in U.S./Canada and Europe Liquid Bulk and Packaged Gases. Operating income of $192 million decreased four percent from the prior year, due principally to weaker volumes. Sequentially, sales decreased five percent, driven by lower volumes and currency effects. Operating income was flat and margin was up 100 basis points sequentially on improved operating performance and productivity.
Tonnage Gases sales of $810 million were up six percent on improved volumes from new plants. Operating income of $111 million decreased four percent from the prior year due to higher maintenance costs from outages. Sequentially, sales were down eight percent due to lower volumes and lower energy pass-through. Sequential operating income decreased 27% on higher maintenance costs, favorable gases contract modifications in the prior quarter and an unfavorable polyurethane intermediates contract modification in the current quarter.
Electronics and Performance Materials sales of $535 million increased two percent on higher volumes and pricing. Electronics sales were up four percent while Performance Materials sales decreased one percent versus last year. Operating income of $78 million increased 13 percent from the prior year primarily due to improved cost performance. Sequential sales were down nine percent due to seasonal volume declines in both Electronics and Performance Materials. Operating income was down 15 percent sequentially on the lower volumes.
Equipment and Energy sales of $89 million and operating income of $7 million were down 21 percent and 64 percent respectively versus prior year, driven by lower ASU and LNG project activity. Sequential sales decreased seven percent. The sales backlog versus prior year is up 48 percent.

Outlook

Looking ahead, McGlade said, “We expect second quarter economic activity to remain slow. We are forecasting Asia and North America growth to accelerate in the second half of our fiscal year. Coupled with our improved operating performance and new plant on-streams, this should lead to stronger sales and earnings growth in the last half of our year. Our recent orders, strong project backlog and robust bidding activity position us well to achieve our 2015 goals for growth, margin and returns.”

Air Products is maintaining its guidance for fiscal 2012 of $5.90 to $6.30 per share. The company expects second quarter EPS to be between $1.37 and $1.43 per share.

Annual Meeting of Shareholders

Air Products will host its Annual Meeting of Shareholders on Thursday, January 26, 2012, at 2:00 p.m. ET. Access the audio Webcast at: http://www.airproducts.com/en/investors/shareholder-services/annual-meeting-materials.aspx

Air Products (NYSE:APD) serves customers in industrial, energy and technology markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2011, Air Products had revenues of $10.1 billion, operations in over 40 countries, and 18,900 employees around the globe. For more information, visit www.airproducts.com.

Note: This release contains "forward-looking statements" within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including earnings guidance, projections, targets and business outlook. These forward-looking statements are based on management's reasonable expectations and assumptions as of the date of this release. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including, without limitation, slowing of global economic recovery; renewed deterioration in global or regional economic and business conditions; weakening demand for the Company's products; future financial and operating performance of major customers and industries served by the Company; unanticipated contract terminations or customer cancellations or postponement of projects and sales; the success of commercial negotiations; asset impairments due to economic conditions or specific product or customer events; the impact of competitive products and pricing; interruption in ordinary sources of supply of raw materials; the ability to recover unanticipated increased energy and raw material costs from customers; costs and outcomes of litigation or regulatory activities; successful development and market acceptance of new products and applications; the ability to attract, hire and retain qualified personnel in all regions of the world where the Company operates; the success of productivity programs; the success and impact of restructuring and cost reduction initiatives; achieving anticipated acquisition synergies; the timing, impact, and other uncertainties of future acquisitions or divestitures; significant fluctuations in interest rates and foreign currencies from that currently anticipated; the continued availability of capital funding sources in all of the Company's foreign operations; the impact of environmental, healthcare, tax or other legislation and regulations in jurisdictions in which the Company and its affiliates operate; the impact of new or changed financial accounting guidance; the impact on the effective tax rate of changes in the mix of earnings among our U.S. and international operations; and other risk factors described in the Company's Form 10K for its fiscal year ended September 30, 2011. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this document to reflect any change in the Company's assumptions, beliefs or expectations or any change in events, conditions, or circumstances upon which any such forward-looking statements are based.

*The presentation of non-GAAP measures is intended to enhance the usefulness of financial information by providing measures which our management uses internally to evaluate our baseline performance on a comparable basis. Presented below are reconciliations of the reported GAAP results to non-GAAP measures. Net income and diluted EPS data are attributable to Air Products.

Consolidated Results
	Operating Income		Operating Margin	Net Income		Diluted EPS
2012 GAAP	$	384.7	15.9%	$	248.1	$	1.16
2011 GAAP		360.6	15.1%		268.6		1.23
Change GAAP	$	24.1	80bp	$	(20.5)	$	(.07)
% Change GAAP		7%			(8)%		(6)%
2012 GAAP	$	384.7	15.9%	$	248.1	$	1.16
Spanish tax settlement		–	–		43.8		.20
2012 Non-GAAP Measure	$	384.7	15.9%	$	291.9	$	1.36
2011 GAAP	$	360.6	15.1%	$	268.6	$	1.23
Net loss on Airgas transaction (tax impact $16.3) ^(a)		43.5	1.8%		27.2		.12
2011 Non-GAAP Measure	$	404.1	16.9%	$	295.8	$	1.35
Change Non-GAAP Measure	$	(19.4)	(100bp)	$	(3.9)	$	.01
% Change Non-GAAP Measure		(5)%			(1)%		1%

	YTD 2012
2012 Guidance^(b)	$5.90–$6.30
(a) Based on average statutory tax rate of 37.44%
(b) Guidance excludes the impact of the Spanish tax settlement

View entire earnings release with all financial tables.
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Teleconference Information

Air Products to Broadcast First Quarter Earnings Teleconference January 24

Thu, 15 Dec 2011 00:00:00 -0500

Air Products (NYSE:APD) will release its fiscal 2012 first quarter financial results on Tuesday, January 24, 2012, before the stock market opens. The company will review these results later that day in a teleconference at 10:00 a.m. Eastern Standard Time (EST). The teleconference will be open to the public and the media in listen-only mode by telephone and Internet broadcast.

Live teleconference:	719-325-4826
Passcode:	4309648
Internet broadcast/slides:	www.airproducts.com/en/investors/earnings-releases/teleconference-information.aspx

A replay will be available via both the telephone and Internet from 2:00 p.m. EST on January 24 through midnight January 31.

Telephone replay:	(888) 203-1112 (domestic) or (719) 457-0820 (international)
Passcode:	4309648
Internet replay:	www.airproducts.com/en/investors/earnings-releases/teleconference-information.aspx

Air Products CFO to Address Bank of America Merrill Lynch Industrials Conference

Wed, 30 Nov 2011 00:00:00 -0500

Air Products (NYSE:APD) today announced that Paul Huck, senior vice president and chief financial officer, will be presenting at the Bank of America Merrill Lynch Industrials Conference in New York on December 7, 2011 at 2:15 p.m. EST.

Huck will provide an overview of Air Products and present the company’s growth opportunities and leadership positions in key markets and geographies around the world.

An audio webcast and presentation slides will be available on Air Products’ Investor Relations web site at www.airproducts.com/investors/webcasts-and-presentations.aspx.

Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2011, Air Products had revenues of $10.1 billion, operations in over 40 countries, and 18,900 employees around the globe. For more information, visit www.airproducts.com.

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2011.

Air Products Senior Vice President to Address Citi’s 4th Annual Basic Materials Symposium

Tue, 22 Nov 2011 00:00:00 -0500

Air Products (NYSE:APD) today announced that Corning Painter, senior vice president of Corporate Strategy, Technology and Supply Chain, will be presenting at Citi’s 4th Annual Basic Materials Symposium in New York on November 29, 2011 at 9.00 a.m. EST.

Painter will provide an overview of Air Products and present the company’s growth opportunities and leadership positions in key markets and geographies around the world.

An audio webcast and presentation slides will be available on Air Products’ Investor Relations web site at www.airproducts.com/investors/webcasts-and-presentations.aspx.

Air Products Settles Spanish Tax Audit

Tue, 22 Nov 2011 00:00:00 -0500

Air Products (NYSE:APD) today announced a settlement with Spanish tax authorities for approximately €40 million ($55 million). This settlement was reached by mutual agreement, and no fines or penalties were assessed.

The settlement resolves a dispute in which the authorities disallowed certain deductions taken by the company’s Spanish subsidiaries in fiscal years 2005 to 2011.

Although Air Products continues to believe that all positions were compliant with applicable laws and verified by external experts, the company decided to settle this matter now.

It’s expected that a significant portion of the settlement amount will be recorded as an increase to income tax expense in the first quarter of fiscal year 2012. This expense was not included in the company’s previously provided first quarter diluted earnings per share guidance of $1.31 to $1.39.

Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2011, Air Products had revenues of $10.1 billion, operations in over 40 countries, and 18,900 employees around the globe. For more information, visit www.airproducts.com.

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2011.

Air Products Declares Quarterly Dividend

Thu, 17 Nov 2011 00:00:00 -0500

The Board of Directors of Air Products (NYSE:APD) today declared a quarterly dividend of 58 cents per share of common stock. The dividend is payable on February 13, 2012 to shareholders of record at the close of business on January 3, 2012.

Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2011, Air Products had revenues of $10.1 billion, operations in over 40 countries, and 18,900 employees around the globe. For more information, visit www.airproducts.com.

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2010.

Air Products CFO to Address RW Baird 2011 Industrial Conference

Wed, 02 Nov 2011 00:00:00 -0400

Air Products (NYSE:APD) today announced that Paul Huck, senior vice president and chief financial officer, will be presenting at RW Baird 2011 Industrial Conference in Chicago on November 9, 2011 at 8:55 a.m. CST.

Huck will provide an overview of Air Products and present the company’s growth opportunities and leadership positions in key markets and geographies around the world.

An audio webcast and presentation slides will be available on Air Products’ Investor Relations web site at www.airproducts.com/investors/webcasts-and-presentations.aspx.

Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2011, Air Products had revenues of $10.1 billion, operations in over 40 countries, and 18,900 employees around the globe. For more information, visit www.airproducts.com.

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2010.

Air Products Reports Fiscal 2011 Fourth Quarter EPS up 12 Percent to $1.51

Fri, 21 Oct 2011 00:00:00 -0400

Fourth Quarter Highlights

Sales of $2.6 billion up 11%
EPS of $1.51 up 12%*
Awarded significant Tonnage contracts in the U.S. Gulf Coast and China
Agreement with new equity affiliate partner in Saudi Arabia

Full Year Highlights

Sales of $10.1 billion up 12%
EPS of $5.73 up 14%*
Capital spending of $1.6 billion up 22%*
$649 million in share repurchases completed and new $1 billion authorization
Dividend increased for 29th consecutive year

Air Products (NYSE: APD) today reported net income of $325 million, or diluted earnings per share (EPS) of $1.51, for its fiscal 2011 fourth quarter versus $294 million* and $1.35*, respectively, for the fourth quarter of fiscal 2010.

The discussion of fourth quarter and full year results and guidance in this release is based on non-GAAP comparisons. A reconciliation can be found at the end of this release.*

Fourth quarter revenues of $2,611 million increased 11 percent versus prior year and one percent sequentially. Underlying revenues were up six percent and two percent respectively. Operating income of $425 million rose six percent versus prior year and two percent sequentially on improved volumes.

For fiscal 2011, sales of $10,082 million increased 12 percent, primarily driven by a nine percent volume increase. Operating income of $1,671 million was up 13 percent and diluted EPS of $5.73 increased 14 percent from the prior year.

Commenting on the results, John McGlade, chairman, president and CEO said, “This quarter’s improvements were driven by growth in emerging markets and strong performance in our Tonnage Gases business. Overall economic activity for this quarter continued at the slower underlying growth rate we saw last quarter.”

Reflecting on the year, McGlade said, “We achieved another solid year of key project wins, double digit sales and earnings growth despite a slowing global economy in the second half of 2011. More importantly, we saw strong gains in operating cash flow and we improved our most important measure, return on capital, by 80 basis points to 13.3% for the year.”

Fourth Quarter Segment Performance

Merchant Gases sales of $1,045 million increased 10 percent from the prior year on higher volumes in Asia and U.S./Canada. Sequentially, sales increased two percent, on three percent volume growth. Operating income of $192 million improved four percent from the prior year on better volumes and positive pricing in Asia and U.S./Canada. This was partially offset by higher costs and lower Healthcare pricing in Europe.
Tonnage Gases sales of $883 million were up 17 percent from the prior year on 11 percent volume growth, primarily driven by new projects. Sales were up two percent sequentially. Operating income of $152 million was up 30 percent from the prior year, based on higher volumes, lower costs and gains related to contract modifications.
Electronics and Performance Materials sales of $587 million increased 12 percent from the prior year, primarily on higher Electronics volumes and Performance Materials pricing. Sequentially, sales decreased three percent on lower Performance Materials volumes due to slowdowns in key markets including housing, construction and autos. Operating income of $92 million was up nine percent on higher Electronics volumes and improved pricing in Performance Materials.
Equipment and Energy sales of $96 million and operating income of $12 million were down 25 percent and 43 percent respectively versus the prior year, due to lower LNG and air separation unit activity. Sequential sales were up 21 percent on higher air separation unit activity. The sales backlog versus prior year is up 22 percent based on several new large orders.

Outlook

Looking ahead, McGlade said, “While the near-term economic outlook is for continued slow growth and is clouded by global economic and policy uncertainties, we are well positioned with a large backlog of projects backed by signed customer contracts. We are confident that the prospects for industrial gases and Air Products, in particular, remain bright and we remain committed to achieving our 2015 goals for growth, margin and, most importantly, return on capital.”

The company today announced initial guidance for fiscal year 2012 EPS in the range of $5.90 to $6.30 per share, representing year-over-year earnings growth of three to ten percent. For the first quarter of fiscal 2012 ending December 31, 2011, EPS is expected to be between $1.31 and $1.39 per share.

The company also announced that it expects capital spending in fiscal 2012 to be between $1.9 and $2.2 billion.

NOTE: This release contains “forward-looking statements” within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including earnings guidance, projections and targets. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including, without limitation, renewed deterioration in global economic and business conditions, including weakening demand for the Company's products and inability to maintain pricing; future financial and operating performance of major customers and industries served by the Company; unanticipated contract terminations or customer cancellations or postponement of projects and sales; the success of commercial negotiations; asset impairments due to economic conditions or specific product or customer events; the impact of competitive products and pricing; interruption in ordinary sources of supply of raw materials; the Company’s ability to recover energy and raw material costs from customers ; the Company’s ability to maintain and improve cost efficiency of operations; costs and outcomes of litigation or regulatory activities; successful development and market acceptance of new products and applications, the ability to attract, hire and retain qualified personnel in all regions of the world where the Company operates; the success of cost reduction and productivity programs; the timing, impact, and other uncertainties of future acquisitions, divestitures and restructuring activities; significant fluctuations in interest rates and foreign currencies from that currently anticipated; the continued availability of capital funding sources in all of the Company's foreign operations; the impact of environmental, healthcare, tax or other legislation and regulations in jurisdictions in which the Company and its affiliates operate; the impact of new or changed financial accounting guidance; the timing and rate at which tax credits can be utilized and other risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2010. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this document to reflect any change in the Company’s assumptions, beliefs or expectations or any change in events, conditions, or circumstances upon which any such forward-looking statements are based.

*The presentation of non-GAAP measures is intended to enhance the usefulness of financial information by providing measures which our management uses internally to evaluate our baseline performance on a comparable basis. Presented below are reconciliations of the reported GAAP results to non-GAAP measures. Income from continuing operations and diluted EPS data are attributable to Air Products.

Consolidated Results

	Continuing Operations
	Q4 Operating Income	Q4 Income	Q4 Diluted EPS	YTD Operating Income	YTD Diluted EPS
2011 GAAP	$425.3	$324.8	$1.51	$1,622.2	$5.59
2010 GAAP	367.0	272.1	1.25	1,389.0	4.74
% Change GAAP	16%	19%	21%	17%	18%
2011 GAAP				$1,622.2	$5.59
Net loss on Airgas transaction (YTD tax impact $16.9) (a)				48.5	.14
2011 Non-GAAP Measure				$1,670.7	$5.73
2010 GAAP	$367.0	272.1	$1.25	$1,389.0	4.74
Net loss on Airgas transaction
(Q4 tax impact $12.9, YTD tax impact $35.9) (b)	34.7	21.8	.10	96.0	.28
2010 Non-GAAP Measure	$401.7	$293.9	$1.35	$1,485.0	$5.02
% Change Non-GAAP	6%	11%	12%	13%	14%

	Q1 2012	YTD 2012
2012 Guidance	$1.31-$1.39	$5.90-$6.30
2011 GAAP		$5.59
% Change		6%-13%
% Change Non-GAAP Measure		3% -10%
Based on statutory tax rate of 36.57%, including impact of tax rate adjustment for 2010 and first quarter 2011 costs. Based on statutory tax rate of 37.4%.

Return on Capital Employed (ROCE)

ROCE is calculated as earnings after-tax divided by five-quarter average total capital. Earnings after-tax is defined as operating income and equity affiliates’ income, after-tax at our quarterly effective tax rate. On a non-GAAP basis, operating income and taxes have been adjusted for the impact of the net loss on Airgas transaction. Total capital consists of total debt and total equity.

	2011	2010	Basis Point Change
Earnings after-tax GAAP	$1,340.0	$1,146.8
Five-quarter average total capital	10,317.2	9,636.4
ROCE GAAP	13.0%	11.9%	110
	2011	2010	Basis Point Change
Earnings after-tax Non-GAAP	$1,370.9	$1,205.6
Five-quarter average total capital	10,317.2	9,636.4
ROCE Non-GAAP	13.3%	12.5%	80

Capital Expenditures

We utilize a non-GAAP measure in the computation of capital expenditures and include spending associated with facilities accounted for as capital leases. Certain facilities that are built to provide product to a specific customer are required to be accounted for as capital leases and such spending is reflected as a use of cash within cash provided by operating activities.

	YTD
(Millions of dollars)	2011
Capital expenditures — GAAP basis	$1,408.3
Capital lease expenditures	173.5
Capital expenditures — Non-GAAP basis	$1,581.8
	2012 Forecast
Capital expenditures — GAAP Measure	$1,600 to $1,800
Capital lease expenditures	300 to 400
Capital Expenditures — Non-GAAP Measure	$1,900 to $2,200

View entire earnings release with all financial tables

Teleconference Information

Air Products to Broadcast Fourth Quarter Earnings Teleconference

Fri, 23 Sep 2011 00:00:00 -0400

Air Products (NYSE:APD) will release its fiscal 2011 fourth quarter and full year financial results on Friday, October 21, 2011, before the stock market opens. The company will review these results later that day in a teleconference at 10:00 a.m. Eastern Daylight Time (EDT). The teleconference will be open to the public and the media in listen-only mode by telephone and Internet broadcast.

Live teleconference: (719) 457-2662
Passcode: 9784651
Internet broadcast/slides: www.airproducts.com/en/investors/earnings-releases/teleconference-information.aspx

A replay will be available via both the telephone and Internet from 2:00 p.m. EDT on October 21 through midnight October 28.

Telephone replay: (888) 203-1112 (domestic) or (719) 457-0820 (international)
Passcode: 9784651
Internet replay: www.airproducts.com/en/investors/earnings-releases/teleconference-information.aspx

Air Products’ Senior Vice President to Address Oppenheimer 6th Annual Industrial Conference

Wed, 21 Sep 2011 00:00:00 -0400

Air Products (NYSE:APD) today announced that Corning Painter, senior vice president, Corporate Strategy and Technology, will be presenting at the Oppenheimer 6th Annual Industrial Conference, New York, on September 27, 2011 at 3.20 p.m. EDT.

Painter will provide an overview of Air Products and present the company’s growth opportunities and leadership positions in key markets and geographies around the world.

An audio webcast and presentation slides will be available on Air Products’ Investor Relations web site at www.airproducts.com/investors/webcasts-and-presentations.aspx.

Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2010, Air Products had revenues of $9 billion, operations in over 40 countries, and 18,300 employees around the globe. For more information, visit www.airproducts.com.

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2010.

Air Products Announces Completion of Current Share Repurchase Program; Board of Directors Authorizes New $1 Billion Share Repurchase Program

Mon, 19 Sep 2011 00:00:00 -0400

Air Products (NYSE:APD) announced today the completion of its current $1 billion share repurchase program with the repurchase of $299 million shares of stock this quarter. Overall, for the year, Air Products has repurchased $649 million of stock.

Air Products also announced that its Board of Directors authorized a new $1 billion share repurchase program. The Board action will allow the company the flexibility to repurchase shares at its discretion, while maintaining sufficient funds for investing in growth opportunities.

“The latest share repurchase authorization reflects Air Products’ financial strength and shareholder focus,” said John E. McGlade, chairman, president and chief executive officer, Air Products. “Our first priority remains to invest in the attractive growth opportunities that support our 2015 goals. We are fortunate that our strong financial position also allows us to reward shareholders through share repurchases and 29 consecutive years of dividend increases. We remain focused on maximizing returns for our shareholders while maintaining our strong credit rating.”

Last week, the Board of Directors also declared a quarterly dividend of 58 cents per share of common stock. The dividend is payable on November 14, 2011 to shareholders of record at the close of business on October 3, 2011. As of August 31, 2011, Air Products had 209,981,230 shares outstanding.

Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2010, Air Products had revenues of $9 billion, operations in over 40 countries, and 18,300 employees around the globe. For more information, visit www.airproducts.com.

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2010.

Air Products Declares Quarterly Dividend

Thu, 15 Sep 2011 00:00:00 -0400

The Board of Directors of Air Products (NYSE:APD) today declared a quarterly dividend of 58 cents per share of common stock. The dividend is payable on November 14, 2011 to shareholders of record at the close of business on October 3, 2011.

Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2010, Air Products had revenues of $9 billion, operations in over 40 countries, and 18,300 employees around the globe. For more information, visit www.airproducts.com.

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2010.

Air Products’ Senior VP to Address Key Banc Capital Markets Basic Materials Conference

Wed, 07 Sep 2011 00:00:00 -0400

Air Products (NYSE:APD) today announced that John Marsland, senior vice president and general manager, Electronics, Performance Materials and Supply Chain, will be presenting at Key Banc Capital Markets Basic Materials Conference in Boston, Mass., on September 13, 2011 at 4:00 p.m. EDT.

Marsland will provide an overview of Air Products, as well as the company’s exciting growth opportunities and leadership positions in key markets and geographies around the world.

An audio webcast and presentation slides will be available on Air Products’ Investor Relations web site at: www.airproducts.com/investors/webcasts-and-presentations.aspx.

Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2010, Air Products had revenues of $9 billion, operations in over 40 countries, and 18,300 employees around the globe. For more information, visit www.airproducts.com.

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2010.

Credit Suisse 2011 Chemicals and Ag Science Conference

Tue, 06 Sep 2011 00:00:00 -0400

Air Products (NYSE:APD) today announced that Paul Huck, senior vice president and chief financial officer, will be presenting at Credit Suisse 2011 Chemicals and Ag Science Conference in New York on September 13, 2011 at 10.30 a.m. EDT.

Huck will provide an overview of Air Products and present the company’s growth opportunities and leadership positions in key markets and geographies around the world.

The presentation slides will be available on Air Products’ Investor Relations web site at: www.airproducts.com/investors/webcasts-and-presentations.aspx.

Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2010, Air Products had revenues of $9 billion, operations in over 40 countries, and 18,300 employees around the globe. For more information, visit www.airproducts.com.

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2010.

Air Products’ CEO to Address Jefferies Global Industrial and A&D Conference

Tue, 02 Aug 2011 00:00:00 -0400

Air Products (NYSE:APD) today announced that John McGlade, chairman, president and chief executive officer, will be presenting at Jefferies Global Industrial and A&D Conference in New York on August 9, 2011 at 11:30 a.m. EDT.

McGlade will provide an overview of Air Products and present the company’s exciting growth opportunities and outlook for the future.

The presentation slides will be available on Air Products’ Investor Relations web site at www.airproducts.com/investors/webcasts-and-presentations.aspx.

Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2010, Air Products had revenues of $9 billion, operations in over 40 countries, and 18,300 employees around the globe. For more information, visit www.airproducts.com.

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2010.

Air Products Reports Fiscal 2011 Third Quarter EPS from Continuing Operations up 14%* to $1.46

Fri, 22 Jul 2011 00:00:00 -0400

Highlights

Record EPS from continuing operations of $1.46
Sales of $2.6 billion, up 14% versus prior year
Fourth quarter EPS expected to be $1.48 to $1.53

Air Products (NYSE:APD) today reported net income from continuing operations of $318 million, up 15 percent* versus prior year, and diluted earnings per share (EPS) from continuing operations of $1.46, up 14 percent*, for its fiscal third quarter ended June 30, 2011.

These results exclude a $0.04 gain in discontinued operations recognizing a tax benefit from the sale of the company’s U.S. healthcare operations in 2009. The discussion of third quarter results and guidance in this release excludes this item and is based on non-GAAP comparisons. A reconciliation can be found at the end of this release.*

Third quarter revenues of $2,578 million increased 14 percent from the prior year. On an underlying basis, sales were up seven percent on higher volumes primarily in the Electronics and Performance Materials and Tonnage segments. Operating income of $417 million rose 11 percent from the prior year on higher volumes.

John McGlade, chairman, president and chief executive officer, said, “We continued to see strong volume growth across a number of our businesses. Growth in the Asia Merchant business and more broadly in the energy and electronics markets was strong, while both the U.S. and Europe Merchant businesses were slower. This quarter, as expected, we saw a significant number of planned customer maintenance outages in our Tonnage segment. We remain very disappointed by the continued higher operating and maintenance costs in our Merchant segment and are taking the necessary steps to improve performance.”

Third Quarter Segment Performance

Merchant Gases sales of $1,027 million increased 12 percent versus prior year on higher volumes, primarily in Asia, positive pricing in North America and Asia, and favorable currency. Operating income of $182 million improved three percent versus prior year with favorable currency and increased volumes mostly offset by higher operating costs and pricing pressure in Europe.
Tonnage Gases sales of $869 million were up 20 percent from the prior year primarily on higher volumes, and higher energy and raw material cost pass-through. Operating income of $115 million declined four percent. Volume gains were more than offset by higher maintenance costs primarily from customer scheduled outages.
Electronics and Performance Materials sales of $602 million improved 21 percent over the prior year on higher volumes. Operating income of $109 million increased 75 percent on higher volumes and continued strong cost performance. Electronics sales increased 24 percent and Performance Materials sales grew 18 percent versus prior year. This quarter’s results represented record sales, profits and margins for the segment.
Equipment and Energy sales of $80 million were down 31 percent versus the prior year on lower ASU sales. Operating income of $9 million declined significantly on lower sales and a prior year gain on an asset sale. Sequentially, backlog in this segment increased 34 percent with the addition of the world’s first floating LNG project.

Outlook

Looking ahead to the fourth quarter, McGlade said, “We anticipate continued strong revenue growth in our Tonnage and Electronics and Performance Materials segments. With the Tonnage planned maintenance outages behind us and the actions we are taking to improve Merchant performance, we expect margins to improve significantly in the quarter.”

Air Products expects fourth quarter EPS to be between $1.48 and $1.53 per share and the full fiscal year EPS to be between $5.70 and $5.75 per share.

Last month, Air Products unveiled new financial targets for the 2015 timeframe. The company expects to deliver top line growth of 11 percent to 13 percent per year over the next four years, which would bring its total revenues to more than $15 billion in 2015. Air Products also expects to improve its operating margin to 20 percent and its return on capital to 15 percent by 2015.

NOTE: This release contains "forward-looking statements" within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including earnings guidance, projections and targets. These forward-looking statements are based on management's reasonable expectations and assumptions as of the date this release is issued regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including, without limitation, stalling of global economic recovery; renewed deterioration in economic and business conditions; weakening demand for the Company's products; future financial and operating performance of major customers and industries served by the Company; unanticipated contract terminations or customer cancellations or postponement of projects and sales; the success of commercial negotiations; asset impairments due to economic conditions or specific product or customer events; the impact of competitive products and pricing; interruption in ordinary sources of supply of raw materials; the ability to recover unanticipated increased energy and raw material costs from customers; costs and outcomes of litigation or regulatory actions; successful development and market acceptance of new products and applications, the ability to attract, hire and retain qualified personnel in all regions of the world where the Company operates; consequences of acts of war or terrorism impacting the United States and other markets; the effects of a natural disaster; the success of cost reduction and productivity programs and achieving anticipated acquisition synergies; the timing, impact, and other uncertainties of future acquisitions or divestitures; significant fluctuations in interest rates and foreign currencies from that currently anticipated; the continued availability of capital funding sources in all of the Company's foreign operations; the impact of environmental, healthcare, tax or other legislation and regulations in jurisdictions in which the Company and its affiliates operate; the impact of new or changed financial accounting guidance; the timing and rate at which tax credits can be utilized and other risk factors described in the Company's Form 10K for its fiscal year ended September 30, 2010. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this document to reflect any change in the Company's assumptions, beliefs or expectations or any change in events, conditions, or circumstances upon which any such forward-looking statements are based.

* The presentation of non-GAAP measures is intended to enhance the usefulness of financial information by providing measures which our management uses internally to evaluate our baseline performance on a comparable basis. Presented below are reconciliations of the reported GAAP results to the non-GAAP measures.

Consolidated Results
	Continuing Operations Q3
2011 Q3 vs. 2010 Q3	Operating Income	Income	Diluted EPS
2011 GAAP	$416.8	$317.6	$1.46
2010 GAAP	336.4	253.2	1.17
Change GAAP	24%	25%	25%
2010 GAAP	$336.4	$253.2	$1.17
Net loss on Airgas transaction (Tax impact $14.2)	37.9	23.7	.11
2010 Non-GAAP Measure	$374.3	$276.9	$1.28
Change Non-GAAP Measure	11%	15%	14%
	Full year 2011
2011 Guidance (a)	$5.70-$5.75
Guidance excludes the impact of net loss on Airgas transaction

View entire earnings release with all financial tables

Teleconference Information

Air Products to Broadcast Third Quarter Earnings Teleconference July 22

Wed, 22 Jun 2011 00:00:00 -0400

Air Products (NYSE:APD) will release its fiscal 2011 third quarter financial results on Friday, July 22, 2011, before the stock market opens. The company will review these results later that day in a teleconference at 10:00 a.m. Eastern Daylight Time (EDT). The teleconference will be open to the public and the media in listen-only mode by telephone and Internet broadcast.

Live teleconference:            719-457-2635
Passcode:                             6688531
Internet broadcast/slides:    http://www.airproducts.com/en/investors/earnings-releases/teleconference-information.aspx

A replay will be available via both the telephone and Internet from 2:00 p.m. EDT on July 22 through midnight July 29.

Telephone replay:                    (888) 203-1112 (domestic) or (719) 457-0820 (international)
Passcode:                                6688531
Internet replay:                         http://www.airproducts.com/en/investors/earnings-releases/teleconference-information.aspx

Air Products Announces 2015 Performance Targets at Investor Conference

Thu, 09 Jun 2011 00:00:00 -0400

Air Products outlines 2015 goals:

Sales growth of 11-13% to more than $15 billion
Operating margin of 20%
Return on capital employed to 15%

Today at Air Products’ (NYSE:APD) Investor Conference, John McGlade, chairman, president and chief executive officer, revealed new financial targets for 2015 to take the company to a new level of performance.

“Consistent with our proven track record of setting and meeting long-term goals, our opportunities in key growth markets and focused execution will allow us to deliver enhanced revenue growth and sustained margin and return improvement,” said McGlade. “We expect these results will generate significant shareholder value.”

McGlade outlined the company’s growth advantage with its strong positions in the energy, environmental and emerging markets worldwide. He said by executing on its innovation, improvement and integration actions, the company should continue to lower its costs, improve returns and gain a greater competitive advantage over its peers.

He also said he expects Air Products to deliver top line growth of 11 percent to 13 percent per year over the next four years, which would bring the company’s total revenues to more than $15 billion in 2015. McGlade anticipates Air Products’ operating margin to improve 300 basis points to 20 percent, and its return on capital to increase 150 basis points to 15 percent from 2011 to 2015.

“We are ready to begin delivering on the commitments we have made today by winning through our market advantage and driving superior financial returns—just as we have delivered on our previous financial goals,” said McGlade.

Paul Huck, senior vice president and chief financial officer, then outlined to shareholders how the revenue, margin and return on capital goals would be met by 2015. The remainder of the conference includes presentations by Air Products’ executives explaining their business plans for 2015 and an event showcasing displays that highlight strategic actions contributing to Air Products’ success.

The conference is being webcast at www.airproducts.com, and a replay will be available after 3:00 p.m. EDT at www.airproducts.com/IC2011.

Air Products’ CEO to Address Investor Conferences in Chicago

Tue, 07 Jun 2011 00:00:00 -0400

Air Products (NYSE:APD) today announced that John McGlade, chairman, president and chief executive officer, will be presenting an overview of Air Products’ strategy, growth opportunities and financial goals for 2015 at two investor conferences in Chicago next week:

Deutsche Bank Global Industrials and Basic Materials Conference
June 14, 2011
8:40 a.m. CDT

William Blair 2011 Growth Stock Conference
June 15, 2011
9:20 a.m. CDT

An audio webcast and presentation slides will be available on Air Products’ Investor Relations web site at www.airproducts.com/investors/webcasts-and-presentations.aspx.

Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2010, Air Products had revenues of $9 billion, operations in over 40 countries, and 18,300 employees around the globe. For more information, visit www.airproducts.com.

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2010.

Air Products to Host Investor Conference on June 9

Mon, 06 Jun 2011 00:00:00 -0400

Air Products (NYSE:APD) will hold an Investor Conference in New York on June 9, 2011 at 8:30 a.m., which will be webcast at www.airproducts.com.

John McGlade, chairman, president and chief executive officer of Air Products will provide a look at Air Products’ strategy, growth opportunities and new financial goals for 2015. Also presenting on Thursday will be Paul Huck, senior vice president and chief financial officer; Bob Dixon, senior vice president and general manager, Merchant Gases; Stephen Jones, senior vice president and general manager, Tonnage Gases, Equipment and Energy; and Corning Painter, vice president and general manager, Electronics.

Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2010, Air Products had revenues of $9 billion, operations in over 40 countries, and 18,300 employees around the globe. For more information, visit www.airproducts.com.

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2010.

Air Products’ CFO to Address JP Morgan Diversified Industries Conference

Wed, 01 Jun 2011 00:00:00 -0400

Air Products (NYSE:APD) today announced that Paul Huck, senior vice president and chief financial officer, will be presenting at JP Morgan Diversified Industries Conference in New York, on June 8, 2011 at 1:00 p.m. EDT.

Huck will present an overview of Air Products and provide an outlook on future business opportunities and company strategy.

The presentation slides will be available on Air Products’ Investor Relations web site at: www.airproducts.com/investors/webcasts-and-presentations.aspx.

Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2010, Air Products had revenues of $9 billion, operations in over 40 countries, and 18,300 employees around the globe. For more information, visit www.airproducts.com.

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2010.

Air Products Declares Quarterly Dividend

Wed, 18 May 2011 09:29:00 -0400

The Board of Directors of Air Products (NYSE:APD) today declared a quarterly dividend of 58 cents per share of common stock. The dividend is payable on August 8, 2011 to shareholders of record at the close of business on July 1, 2011.

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2010.

Air Products’ CEO to Address Goldman Sachs Basic Materials Conference

Tue, 17 May 2011 00:00:00 -0400

Air Products (NYSE:APD) today announced that John McGlade, chairman, president and chief executive officer, will be presenting at Goldman Sachs Basic Materials Conference in New York, on May 24, 2011 at 1:45 p.m. EDT.

McGlade will present an overview of Air Products and provide an outlook on future business opportunities and company strategy.

The presentation slides will be available on Air Products’ Investor Relations web site at: www.airproducts.com/investors/webcasts-and-presentations.aspx.

Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2010, Air Products had revenues of $9 billion, operations in over 40 countries, and 18,300 employees around the globe. For more information, visit www.airproducts.com.

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2010.

Air Products Reports Fiscal Q2 EPS Up 15% to $1.41

Thu, 21 Apr 2011 10:28:00 -0400

Highlights

Sales of $2.5 billion, up 11% versus prior year
Operating margin hits 17% target, up 80 basis points versus prior year*
Raised dividend 18%; Completed $350 million share repurchase
Full year guidance increased to $5.65 to $5.75 per share

LEHIGH VALLEY, Pa. (April 21, 2011) – Air Products (NYSE:APD) today reported net income of $309 million, or diluted earnings per share (EPS) of $1.41, for its fiscal second quarter ended March 31, 2011. This result excludes a net after-tax cost of $4 million, or $0.02 per share, associated with the now expired tender offer for the outstanding shares of Airgas, Inc.

The discussion of second quarter results and guidance in this release is based on non-GAAP comparisons. A reconciliation can be found at the end of this release.*

Second quarter revenues of $2,501 million grew 11 percent versus prior year, primarily on higher volumes in the Electronics and Performance Materials, Merchant Gases and Tonnage Gases segments. Sequential sales were up five percent. Operating income of $425 million improved 17 percent versus prior year and five percent sequentially on increased volumes. Operating margin improved 80 basis points to 17 percent.

"For the quarter, we had strong growth with double-digit increases in both sales and earnings. This performance, along with our 18 percent dividend increase and $350 million share repurchase, reflects the strength of our business and our belief that shareholders should benefit directly from the improved operating performance of their company," said John McGlade, chairman, president and chief executive officer.

Second Quarter Segment Performance

Merchant Gases sales of $1,013 million increased 10 percent versus the prior year on improved volumes, especially in the Asia region. Operating income of $185 million rose four percent from the prior year with increased volumes being offset by higher operating, maintenance and distribution costs, and lower pricing in our European healthcare business.
Tonnage Gases sales of $799 million increased six percent. Volumes were up 10 percent, primarily on improved hydrogen volumes to refining customers. Operating income of $121 million rose 13 percent from the prior year on higher new plant volumes and increased operating efficiencies.
Electronics and Performance Materials sales of $576 million increased 28 percent driven by strong volumes and higher pricing. Record operating income of $92 million was up 61 percent on significantly improved volumes. Operating margin of 15.9 percent was up 330 basis points versus prior year and 280 basis points sequentially.
Equipment and Energy sales of $114 million were down five percent on lower air separation unit sales. Operating income of $23 million increased 24 percent from the prior year on higher LNG activity.

Outlook

Looking ahead, McGlade said, "We are committed to improving our operating performance by driving increased productivity to the bottom line. This, along with continued growth in our key markets will allow us to build on this quarter’s strong results."

He said, "Looking at the second half of our fiscal year, we expect to deliver on our goals of double digit earnings growth, improved return on capital and a 17 percent margin. We are also raising our full year guidance to $5.65 to $5.75 per share."

Air Products now expects third quarter EPS to be between $1.42 and $1.47 per share.

Note: This release contains "forward-looking statements" within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including earnings guidance, projections and targets. These forward-looking statements are based on management's reasonable expectations and assumptions as of the date this release is issued regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including, without limitation, slowing of global economic recovery; renewed deterioration in economic and business conditions; weakening demand for the Company's products; future financial and operating performance of major customers and industries served by the Company; unanticipated contract terminations or customer cancellations or postponement of projects and sales; the success of commercial negotiations; asset impairments due to economic conditions or specific product or customer events; the impact of competitive products and pricing; interruption in ordinary sources of supply of raw materials; the ability to recover unanticipated increased energy and raw material costs from customers; costs and outcomes of litigation or regulatory activities; successful development and market acceptance of new products and applications, the ability to attract, hire and retain qualified personnel in all regions of the world where the Company operates; consequences of acts of war or terrorism impacting the United States and other markets; the effects of a natural disaster; the success of cost reduction and productivity programs and achieving anticipated acquisition synergies; the timing, impact, and other uncertainties of future acquisitions or divestitures; significant fluctuations in interest rates and foreign currencies from that currently anticipated; the continued availability of capital funding sources in all of the Company's foreign operations; the impact of environmental, healthcare, tax or other legislation and regulations in jurisdictions in which the Company and its affiliates operate; the impact of new or changed financial accounting guidance; the timing and rate at which tax credits can be utilized and other risk factors described in the Company's Form 10K for its fiscal year ended September 30, 2010. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this document to reflect any change in the Company's assumptions, beliefs or expectations or any change in events, conditions, or circumstances upon which any such forward-looking statements are based.

* The presentation of non-GAAP measures is intended to enhance the usefulness of financial information by providing measures which our management uses internally to evaluate our baseline performance on a comparable basis. Presented below are reconciliations of the reported GAAP results to the non-GAAP measures.

Consolidated Results
	Q2
2011 Q2 vs. 2010 Q2	Operating Income	Operating Margin	Net Income	Diluted EPS
2011 GAAP	$419.5	16.8%	$304.3	$1.39
2010 GAAP	340.6	15.1%	252.0	1.16
Change GAAP	23%	170bp	21%	20%
2011 GAAP	$419.5	16.8%	$304.3	$1.39
Net loss on Airgas transaction (Tax impact $.6)	5.0	0.2%	4.4	.02
2011 Non-GAAP Measure	$424.5	17.0%	$308.7	$1.41
2010 GAAP	$340.6	15.1%	$252.0	$1.16
Net loss on Airgas transaction (Tax impact $8.8)	23.4	1.1%	14.6	.07
2010 Non-GAAP Measure	$364.0	16.2%	$266.6	$1.23
Change Non-GAAP Measure	17%	80bp	16%	15%

2011 Q2 vs. 2011 Q1	Operating Income
2011 Q2 GAAP	$419.5
2011 Q1 GAAP	$360.6
Change GAAP	16%
2011 Q2 Non-GAAP Measure	$424.5
2011 Q1 GAAP	$360.6
Net loss on Airgas transaction	43.5
2011 Q1 Non-GAAP Measure	$404.1
Change Non-GAAP Measure	5%

	Q3 2011	Full year 2011
2011 Guidance (a)	$1.42-$1.47	$5.65-$5.75
Guidance excludes the impact of net loss on Airgas transaction

View entire earnings release with all financial tables.
Download PDF (62 KB)

Teleconference Information

Air Products to Broadcast Second Quarter Earnings Teleconference April 21

Mon, 21 Mar 2011 00:00:00 -0400

Air Products (NYSE:APD) will release its fiscal 2011 second quarter financial results on Thursday, April 21, 2011, before the stock market opens. The company will review these results later that day in a teleconference at 10:00 a.m. Eastern Daylight Time (EDT). The teleconference will be open to the public and the media in listen-only mode by telephone and Internet broadcast.

Live teleconference: 719-457-2607
Passcode: 9627835
Internet broadcast/slides: www.airproducts.com/Invest/financialnews/Earnings_Releases/Teleconference.htm

A replay will be available via both the telephone and Internet from 2:00 p.m. EDT on April 21 through midnight April 28.

Telephone replay: (888) 203-1112 (domestic) or (719) 457-0820 (international)
Passcode: 9627835
Internet replay: www.airproducts.com/Invest/financialnews/Earnings_Releases/Teleconference.htm

Air Products Announces 18 Percent Quarterly Dividend Increase and Share Repurchase Action

Thu, 17 Mar 2011 00:00:00 -0400

As part of Air Products’ (NYSE:APD) focus to return value to its shareholders, the Board of Directors of Air Products today increased the quarterly dividend on the company’s common stock to 58 cents per share from 49 cents, an increase of 18 percent.

Additionally, since December 31, 2010, the company has repurchased about $350 million in shares as part of a previously authorized share repurchase.

“We believe that investors should share directly in the improved operating performance of their company,” said John McGlade, chairman, president and chief executive officer. “These actions demonstrate our commitment to returning cash to shareholders and our confidence in Air Products’ ability to generate strong free cash flow.”

The dividend is payable on May 9, 2011 to shareholders of record at the close of business on April 1, 2011. This marks the 29th consecutive year that Air Products has increased its dividend payment.

Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2010, Air Products had revenues of $9 billion, operations in over 40 countries, and 18,300 employees around the globe. For more information, visit www.airproducts.com.

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2010.

Air Products’ Tonnage Gases VP to Address Jefferies 11th Global Clean Technology Conference on February 24

Thu, 17 Feb 2011 00:00:00 -0500

Air Products (NYSE:APD) announced today that Stephen Jones, senior vice president and general manager–Tonnage Gases, Equipment and Energy, will be presenting at Jefferies 11th Global Clean Technology Conference in New York, on Thursday, February 24, 2011, at 1:30 p.m. EST.

An audio webcast and presentation slides will be available on Air Products’ Investor Relations Web site at www.airproducts.com/Invest/PresentationSummary.htm.

Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2010, Air Products had revenues of $9 billion, operations in over 40 countries, and 18,300 employees around the globe. For more information, visit www.airproducts.com.

Air Products Withdraws Offer for Airgas

Tue, 15 Feb 2011 00:00:00 -0500

Air Products (NYSE: APD) today commented on the decision by the Delaware Chancery Court to uphold the Airgas, Inc. (NYSE: ARG) poison pill.

John E. McGlade, Air Products chairman, president and chief executive officer, said, “We are disappointed by the court’s decision. We believe the Airgas Board of Directors has done a great disservice to Airgas shareholders by never allowing them to decide for themselves whether they want to accept our $70 per share all-cash offer. It is abundantly clear that the Airgas Board is thoroughly entrenched in its position, so we have decided to withdraw our offer and move on.”

McGlade continued, “While acquiring Airgas at an appropriate price would have been a value-creating opportunity, Air Products has many other compelling growth opportunities around the world that we are continuing to pursue. Our business is performing extremely well as evidenced by our most recent results, and we remain focused on executing against our strategic plan and delivering strong results for our shareholders.”

Air Products will host a conference call for investors and the media on Wednesday, February 16, 2011 at 9:00 a.m. ET to discuss the decision to withdraw its offer. To participate in the call, please dial 785-830-1997, passcode 9523693. The call also may be accessed at www.airproducts.com/Invest/financialnews/feb2011news.htm. Access the audio replay of the call by dialing (888) 203-1112 in the U.S. or (719) 457-0820 outside of the U.S. and entering passcode 9523693.

Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2010, Air Products had revenues of $9 billion, operations in over 40 countries, and 18,300 employees around the globe. For more information, visit www.airproducts.com.

ADDITIONAL INFORMATION
On February 11, 2010, Air Products Distribution, Inc. (“Purchaser”), a wholly owned subsidiary of Air Products and Chemicals, Inc. (“Air Products”), commenced a cash tender offer for all the outstanding shares of common stock of Airgas, Inc. (“Airgas”) not already owned by Air Products, subject to the terms and conditions set forth in the Offer to Purchase dated as of February 11, 2010 (the “Offer to Purchase”). The purchase price to be paid upon the successful closing of the cash tender offer is $70 per share in cash, without interest and less any required withholding tax, subject to the terms and conditions set forth in the Offer to Purchase, as amended. The offer is scheduled to expire at midnight, New York City time, on Tuesday, February 15, 2011, unless further amended in the manner set forth in the Schedule TO. Air Products does not intend to further extend the expiration date.

This communication does not constitute an offer to buy or solicitation of an offer to sell any securities. The tender offer is being made pursuant to a tender offer statement on Schedule TO (including the Offer to Purchase, a related letter of transmittal and other offer materials) filed by Air Products with the U.S. Securities and Exchange Commission (“SEC”) on February 11, 2010. INVESTORS AND SECURITY HOLDERS OF AIRGAS ARE URGED TO READ THESE AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders can obtain free copies of these documents and other documents filed with the SEC by Air Products through the web site maintained by the SEC at http://www.sec.gov. The Offer to Purchase and related materials may also be obtained for free by contacting the Information Agent for the tender offer, MacKenzie Partners, Inc., at 212-929-5500 or toll-free at 800-322-2885.

Media Inquiries:
(Sard Verbinnen & Co)
George Sard / David Reno
Tel: (212) 687-8080

Investor Inquiries:
(MacKenzie Partners)
Larry Dennedy / Charlie Koons
Tel: (212) 929-5239 / (212) 929-5708

Air Products CFO to Address Barclays Capital Industrial Select Conference on February 8

Thu, 03 Feb 2011 00:00:00 -0500

Air Products (NYSE:APD) announced today that Paul Huck, senior vice president and chief financial officer, will be presenting at Barclays Capital Industrial Select Conference in Miami, Fla., on Tuesday, February 8, 2011, at 10:40 a.m. EST.

Huck will present an overview of Air Products, discuss the company’s recent earnings and provide an outlook on future business opportunities and company strategy.

The presentation slides will be available on Air Products’ Investor Relations web site at www.airproducts.com/Invest/PresentationSummary.htm.

Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2010, Air Products had revenues of $9 billion, operations in over 40 countries, and 18,300 employees around the globe. For more information, visit www.airproducts.com.

Air Products Extends Tender Offer to Acquire Airgas

Thu, 03 Feb 2011 00:00:00 -0500

Air Products (NYSE: APD) today announced that it has extended the expiration date of its tender offer for all outstanding common shares of Airgas, Inc. (NYSE: ARG) for $70.00 per share in cash. The offer and withdrawal rights are now scheduled to expire at 12:00 midnight New York City time on February 15, 2011, unless further extended. The tender offer was previously scheduled to expire on February 4, 2011.

As of the close of business on February 2, 2011, approximately 7,104,590 shares of Airgas common stock had been validly tendered into and not withdrawn from the offer.

Airgas’ stockholders may obtain copies of all of the offering documents free of charge at the SEC’s website (www.sec.gov) or by directing a request to MacKenzie Partners, Inc., the Information Agent for the offer, at 212-929-5500 or toll-free at 800-322-2885. Additional information about the transaction, including the offering documents, is also available at www.airproducts.com/airgasoffer.

Air Products’ financial advisors are J. P. Morgan Securities LLC and Perella Weinberg Partners, its legal advisors are Cravath, Swaine & Moore LLP and Arnold & Porter, and its information agent is MacKenzie Partners, Inc.

Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2010, Air Products had revenues of $9 billion, operations in over 40 countries, and 18,300 employees around the globe. For more information, visit www.airproducts.com.

ADDITIONAL INFORMATION
On February 11, 2010, Air Products Distribution, Inc. (“Purchaser”), a wholly owned subsidiary of Air Products and Chemicals, Inc. (“Air Products”), commenced a cash tender offer for all the outstanding shares of common stock of Airgas, Inc. (“Airgas”) not already owned by Air Products, subject to the terms and conditions set forth in the Offer to Purchase dated as of February 11, 2010 (the “Offer to Purchase”). The purchase price to be paid upon the successful closing of the cash tender offer is $70 per share in cash, without interest and less any required withholding tax, subject to the terms and conditions set forth in the Offer to Purchase, as amended. The offer is scheduled to expire at midnight, New York City time, on Tuesday, February 15, 2011, unless further amended in the manner set forth in the Schedule TO.

This communication does not constitute an offer to buy or solicitation of an offer to sell any securities. The tender offer is being made pursuant to a tender offer statement on Schedule TO (including the Offer to Purchase, a related letter of transmittal and other offer materials) filed by Air Products with the U.S. Securities and Exchange Commission (“SEC”) on February 11, 2010. INVESTORS AND SECURITY HOLDERS OF AIRGAS ARE URGED TO READ THESE AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders can obtain free copies of these documents and other documents filed with the SEC by Air Products through the web site maintained by the SEC at http://www.sec.gov. The Offer to Purchase and related materials may also be obtained for free by contacting the Information Agent for the tender offer, MacKenzie Partners, Inc., at 212-929-5500 or toll-free at 800-322-2885.

Air Products Reports Fiscal Q1 EPS Up 16% to $1.35*

Fri, 21 Jan 2011 00:00:00 -0500

First Quarter Highlights Versus Prior Year

Sales increased 10% on volume growth—Record Asia Merchant sales up 35%
Operating margin of 16.9% up 100 basis points*
EPS of $1.35 up 16%*

Air Products (NYSE:APD) today reported net income of $296 million, or diluted earnings per share (EPS) of $1.35, for its fiscal first quarter ended December 31, 2010 versus $252 million and $1.16 for the first quarter of fiscal 2010. This result excludes an after-tax charge of $27 million, or $0.12 per share, for costs associated with the tender offer for the outstanding shares of Airgas, Inc.

The discussion of first quarter results and guidance in this release is based on non-GAAP comparisons. A reconciliation can be found at the end of this release.*

First quarter revenues of $2,392 million increased 10 percent versus the prior year driven by higher sales across all segments. This was led by volume growth across our Electronics and Performance Materials, Tonnage Gases and Merchant Gases segments. Sequentially, sales increased two percent. Operating income of $404 million was up 17 percent from the prior year on improved volumes and one percent sequentially.

John McGlade, chairman, president and chief executive officer, said, "We're off to a very good start for our new fiscal year. In the quarter, we produced double-digit volume growth and improved margins and returns. The Air Products team continues to deliver on its commitments."

First Quarter Segment Performance

Merchant Gases sales of $988 million increased six percent versus prior year, primarily driven by Asia, which saw its highest increase in sales and volumes in recent history. Operating income of $201 million increased six percent from the prior year on higher volumes and pricing. Sequentially, sales rose four percent driven primarily by favorable currency.
Tonnage Gases sales of $766 million were up 10 percent on improved volumes from loading at existing plants and new plant onstreams. Operating income of $116 million increased 15 percent from the prior year primarily on higher volumes, lower maintenance costs and improved plant efficiencies. Sequentially, sales were up two percent with volumes up five percent and energy and raw material cost pass-throughs lowering sales by four percent.
Electronics and Performance Materials sales of $526 million increased 21 percent on higher volumes and flat pricing. Electronics sales were up 30 percent, and Performance Materials sales rose 11 percent versus last year. Operating income of $69 million increased 42 percent from the prior year on improved volumes and productivity. Sequential sales were up one percent due to favorable pricing and currency offset by seasonal volume declines. Operating income was down 18% sequentially due to volume seasonality and inventory revaluation.
Equipment and Energy sales of $112 million were up three percent. Operating income of $20 million increased significantly from the prior year on higher LNG activity.

Outlook

Looking ahead, McGlade said, "Building on our solid performance and a gradually recovering global economy, we are focused on winning customer orders, bringing new plants onstream and delivering productivity. We are well on our way to achieving double digit earnings growth, improved return on capital and 17 percent operating margins in 2011."

Air Products is raising its guidance for fiscal 2011 to $5.55 to $5.70 per share. The company also expects second quarter EPS to be between $1.36 and $1.40 per share.

Annual Meeting of Shareholders

Air Products will host its Annual Meeting of Shareholders on Thursday, January 27, 2011, at 2:00 p.m. ET. Access the audio Webcast at the Annual Meeting page.

Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2010, Air Products had revenues of $9 billion, operations in over 40 countries, and 18,300 employees around the globe. For more information, visit www.airproducts.com.

ADDITIONAL INFORMATION

On February 11, 2010, Air Products Distribution, Inc. ("Purchaser"), a wholly owned subsidiary of Air Products and Chemicals, Inc. ("Air Products"), commenced a cash tender offer for all the outstanding shares of common stock of Airgas, Inc. ("Airgas") not already owned by Air Products, subject to the terms and conditions set forth in the Offer to Purchase dated as of February 11, 2010, as amended (the "Offer to Purchase"). The purchase price to be paid upon the successful closing of the tender offer is $70 per share in cash, without interest and less any required withholding tax, subject to the terms and conditions set forth in the Offer to Purchase, as amended. The tender offer is scheduled to expire at midnight, New York City time, on Friday, February 4, 2011, unless further amended in the manner set forth in the Schedule TO.

This communication does not constitute an offer to buy or solicitation of an offer to sell any securities. The tender offer is being made pursuant to a tender offer statement on Schedule TO (including the Offer to Purchase, a related letter of transmittal and other tender offer materials) filed by Air Products with the U.S. Securities and Exchange Commission ("SEC") on February 11, 2010. INVESTORS AND SECURITY HOLDERS OF AIRGAS ARE URGED TO READ THESE AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders can obtain free copies of these documents and other documents filed with the SEC by Air Products through the web site maintained by the SEC at http://www.sec.gov. The Offer to Purchase and related materials may also be obtained for free by contacting the Information Agent for the tender.

* The presentation of non-GAAP measures is intended to enhance the usefulness of financial information by providing measures which our management uses internally to evaluate our baseline performance on a comparable basis. Presented below are reconciliations of the reported GAAP results to the non-GAAP measures.

Consolidated Results
	Q1
	Operating Income	Operating Margin	Net Income	Diluted EPS
2011 GAAP	$360.6	15.1%	$268.6	$1.23
2010 GAAP	345.0	15.9%	251.8	1.16
Change GAAP	5%	(80bp)	7%	6%
2011 GAAP	$360.6	15.1%	$268.6	$1.23
Acquisition-related costs (Tax impact $16.3) (a)	43.5	1.8%	27.2	.12
2011 Non-GAAP Measure	$404.1	16.9%	$295.8	$1.35
Change Non-GAAP Measure	17%	100bp	17%	16%
	Q2 2011		YTD 2011
2011 Guidance (b)	$1.36-$1.40		$5.55-$5.70
Based on statutory tax rate of 37.4% Guidance excludes the impact of acquisition-related costs

View entire earnings release with all financial tables.
Download PDF (47 KB)

Air Products Extends Tender Offer to Acquire Airgas

Fri, 07 Jan 2011 00:00:00 -0500

Air Products (NYSE: APD) today announced that it has extended the expiration date of its tender offer for all outstanding common shares of Airgas, Inc. (NYSE: ARG) for $70.00 per share in cash. The offer and withdrawal rights are now scheduled to expire at 12:00 midnight New York City time on February 4, 2011, unless further extended. The tender offer was previously scheduled to expire on January 14, 2011.

Except for the extension of the tender offer expiration date, all other terms and conditions of the offer remain unchanged. As of the close of business on January 6, 2011, approximately 2,995,370 shares of Airgas common stock had been validly tendered into and not withdrawn from the offer.

Airgas’ stockholders may obtain copies of all of the offering documents free of charge at the SEC’s website (www.sec.gov) or by directing a request to MacKenzie Partners, Inc., the Information Agent for the offer, at 212-929-5500 or toll-free at 800-322-2885. Additional information about the transaction, including the offering documents, is also available at www.airproducts.com/airgasoffer.

Air Products’ financial advisors are J. P. Morgan Securities Inc. and Perella Weinberg Partners, its legal advisors are Cravath, Swaine & Moore LLP and Arnold & Porter, and its information agent is MacKenzie Partners, Inc.

Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2010, Air Products had revenues of $9 billion, operations in over 40 countries, and 18,300 employees around the globe. For more information, visit www.airproducts.com.

ADDITIONAL INFORMATION
On February 11, 2010, Air Products Distribution, Inc. (“Purchaser”), a wholly owned subsidiary of Air Products and Chemicals, Inc. (“Air Products”), commenced a cash tender offer for all the outstanding shares of common stock of Airgas, Inc. (“Airgas”) not already owned by Air Products, subject to the terms and conditions set forth in the Offer to Purchase dated as of February 11, 2010 (the “Offer to Purchase”). The purchase price to be paid upon the successful closing of the cash tender offer is $70 per share in cash, without interest and less any required withholding tax, subject to the terms and conditions set forth in the Offer to Purchase, as amended. The offer is scheduled to expire at midnight, New York City time, on Friday, February 4, 2011, unless further amended in the manner set forth in the Schedule TO.

This communication does not constitute an offer to buy or solicitation of an offer to sell any securities. The tender offer is being made pursuant to a tender offer statement on Schedule TO (including the Offer to Purchase, a related letter of transmittal and other offer materials) filed by Air Products with the U.S. Securities and Exchange Commission (“SEC”) on February 11, 2010. INVESTORS AND SECURITY HOLDERS OF AIRGAS ARE URGED TO READ THESE AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders can obtain free copies of these documents and other documents filed with the SEC by Air Products through the web site maintained by the SEC at http://www.sec.gov. The Offer to Purchase and related materials may also be obtained for free by contacting the Information Agent for the tender offer, MacKenzie Partners, Inc., at 212-929-5500 or toll-free at 800-322-2885.

Media Inquiries:
Sard Verbinnen & Co)
George Sard / David Reno
Tel: (212) 687-8080

Investor Inquiries:
(MacKenzie Partners)
Larry Dennedy / Charlie Koons
Tel: (212) 929-5239 / (212) 929-5708

Air Products Extends Tender Offer to Acquire Airgas

Tue, 30 Nov 2010 00:00:00 -0500

Air Products (NYSE: APD) today announced that it has extended by 10 business days the expiration date of its tender offer for all outstanding common shares of Airgas, Inc. (NYSE: ARG) for $65.50 per share in cash. The offer and withdrawal rights are now scheduled to expire at 12:00 midnight New York City time on December 17, 2010. The tender offer was previously scheduled to expire on December 3, 2010.

The offer is being extended to enable the Delaware Chancery Court to render a decision on pending litigation between Air Products and Airgas.

Except for the extension of the tender offer expiration date, all other terms and conditions of the offer remain unchanged. As of the close of business on Monday, November 29, 2010, approximately 1,879,967 shares of Airgas common stock had been validly tendered into and not withdrawn from the offer.

Airgas’ stockholders may obtain copies of all of the offering documents free of charge at the SEC’s website (www.sec.gov) or by directing a request to MacKenzie Partners, Inc., the Information Agent for the offer, at 212-929-5500 or toll-free at 800-322-2885. Additional information about the transaction, including the offering documents, is also available at www.airproducts.com/airgasoffer.

Air Products’ financial advisors are J. P. Morgan Securities Inc. and Perella Weinberg Partners, its legal advisors are Cravath, Swaine & Moore LLP and Arnold & Porter, and its information agent is MacKenzie Partners, Inc.

Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2010, Air Products had revenues of $9 billion, operations in over 40 countries, and 18,300 employees around the globe. For more information, visit www.airproducts.com.

ADDITIONAL INFORMATION
On February 11, 2010, Air Products Distribution, Inc. (“Purchaser”), a wholly owned subsidiary of Air Products and Chemicals, Inc. (“Air Products”), commenced a cash tender offer for all the outstanding shares of common stock of Airgas, Inc. (“Airgas”) not already owned by Air Products, subject to the terms and conditions set forth in the Offer to Purchase dated as of February 11, 2010 (the “Offer to Purchase”). The purchase price to be paid upon the successful closing of the cash tender offer is $65.50 per share in cash, without interest and less any required withholding tax, subject to the terms and conditions set forth in the Offer to Purchase, as amended. The offer is scheduled to expire at midnight, New York City time, on Friday, December 17, 2010, unless further extended in the manner set forth in the Offer to Purchase.

This communication does not constitute an offer to buy or solicitation of an offer to sell any securities. The tender offer is being made pursuant to a tender offer statement on Schedule TO (including the Offer to Purchase, a related letter of transmittal and other offer materials) filed by Air Products with the U.S. Securities and Exchange Commission (“SEC”) on February 11, 2010. INVESTORS AND SECURITY HOLDERS OF AIRGAS ARE URGED TO READ THESE AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders can obtain free copies of these documents and other documents filed with the SEC by Air Products through the web site maintained by the SEC at http://www.sec.gov. The Offer to Purchase and related materials may also be obtained for free by contacting the Information Agent for the tender offer, MacKenzie Partners, Inc., at 212-929-5500 or toll-free at 800-322-2885.

Air Products Responds to Delaware Supreme Court Decision

Tue, 23 Nov 2010 00:00:00 -0500

Air Products (NYSE: APD) today issued the following statement in response to the Delaware Supreme Court’s decision to overturn the previous decision by the Delaware Chancery Court validating a by-law approved by shareholders of Airgas, Inc. (NYSE: ARG) that requires Airgas to hold its next annual meeting in January 2011:

“We are disappointed that the Delaware Supreme Court has overturned the by-law approved by Airgas shareholders. Airgas shareholders have been disenfranchised and have lost hundreds of millions of dollars in market value as a result.”

Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2010, Air Products had revenues of $9 billion, operations in over 40 countries, and 18,300 employees around the globe. For more information, visit www.airproducts.com.

ADDITIONAL INFORMATION
On February 11, 2010, Air Products Distribution, Inc. (“Purchaser”), a wholly owned subsidiary of Air Products and Chemicals, Inc. (“Air Products”), commenced a cash tender offer for all the outstanding shares of common stock of Airgas, Inc. (“Airgas”) not already owned by Air Products, subject to the terms and conditions set forth in the Offer to Purchase dated as of February 11, 2010 (the “Offer to Purchase”). The purchase price to be paid upon the successful closing of the cash tender offer is $65.50 per share in cash, without interest and less any required withholding tax, subject to the terms and conditions set forth in the Offer to Purchase, as amended. The offer is scheduled to expire at midnight, New York City time, on Friday, December 3, 2010, unless further extended in the manner set forth in the Offer to Purchase.

This communication does not constitute an offer to buy or solicitation of an offer to sell any securities. The tender offer is being made pursuant to a tender offer statement on Schedule TO (including the Offer to Purchase, a related letter of transmittal and other offer materials) filed by Air Products with the U.S. Securities and Exchange Commission (“SEC”) on February 11, 2010.INVESTORS AND SECURITY HOLDERS OF AIRGAS ARE URGED TO READ THESE AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders can obtain free copies of these documents and other documents filed with the SEC by Air Products through the web site maintained by the SEC at http://www.sec.gov. The Offer to Purchase and related materials may also be obtained for free by contacting the Information Agent for the tender offer, MacKenzie Partners, Inc., at 212-929-5500 or toll-free at 800-322-2885.

Air Products intends to file a proxy statement with the SEC in connection with the solicitation of proxies for the annual meeting of Airgas stockholders to be held on January 18, 2011. Any definitive proxy statement will be mailed to stockholders of Airgas.INVESTORS AND SECURITY HOLDERS OF AIRGAS ARE URGED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS RELATED TO THE SOLICITATION AND FILED WITH THE SEC CAREFULLYIN THEIR ENTIRETY AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of these documents (if and when available) and other documents filed with the SEC by Air Products through the web site maintained by the SEC at http://www.sec.gov. These materials may also be obtained for free (if and when available) by contacting Air Products’ proxy solicitor, MacKenzie Partners, Inc., at 212-929-5500 or toll-free at 800-322-2885.

CERTAIN INFORMATION REGARDING PARTICIPANTS
Air Products, Purchaser, and certain of their respective directors and executive officers and the Air Products nominees for election at Airgas’s January 2011 annual meeting may be deemed to be participants in the proposed transaction under the rules of the SEC. Security holders may obtain information regarding the names, affiliations and interests of Air Products’ directors and executive officers in Air Products’ Annual Report on Form 10-K for the year ended September 30, 2009, which was filed with the SEC on November 25, 2009, and its proxy statement for Air Products’ 2010 Annual Meeting, which was filed with the SEC on December 10, 2009; and of Purchaser’s directors and executive officers in the Offer to Purchase. Information about the Air Products nominees will be included in the proxy statement Air Products intends to file with the SEC. These documents can be obtained free of charge from the sources indicated above. Additional information regarding the interests of these participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will also be included in any proxy statement and other relevant materials to be filed with the SEC when they become available.

Air Products Declares Quarterly Dividend

Thu, 18 Nov 2010 00:00:00 -0500

The Board of Directors of Air Products (NYSE:APD) today declared a quarterly dividend of 49 cents per share of common stock. The dividend is payable on February 14, 2011 to shareholders of record at the close of business on January 3, 2011.

Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2010, Air Products had revenues of $9 billion, operations in over 40 countries, and 18,300 employees around the globe. For more information, visit www.airproducts.com.

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2009.

Air Products Extends Tender Offer to Acquire Airgas

Wed, 27 Oct 2010 00:00:00 -0400

Air Products (NYSE: APD) today announced that it has extended the expiration date of its tender offer for all outstanding common shares of Airgas, Inc. (NYSE: ARG) for $65.50 per share in cash. The offer and withdrawal rights are now scheduled to expire at 12:00 midnight New York City time on December 3, 2010, unless further extended. The tender offer was previously scheduled to expire on October 29, 2010.

Except for the extension of the tender offer expiration date, all other terms and conditions of the offer remain unchanged. As of the close of business on Tuesday, October 26, 2010, approximately 1,884,427 shares of Airgas common stock had been validly tendered into and not withdrawn from the offer.

Airgas’ stockholders may obtain copies of all of the offering documents free of charge at the SEC’s website (www.sec.gov) or by directing a request to MacKenzie Partners, Inc., the Information Agent for the offer, at 212-929-5500 or toll-free at 800-322-2885. Additional information about the transaction, including the offering documents, is also available at www.airproducts.com/airgasoffer.

Air Products’ financial advisors are J. P. Morgan Securities Inc. and Perella Weinberg Partners, its legal advisors are Cravath, Swaine & Moore LLP and Arnold & Porter, and its information agent is MacKenzie Partners, Inc.

Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2010, Air Products had revenues of $9 billion, operations in over 40 countries, and 18,300 employees around the globe. For more information, visit www.airproducts.com.

ADDITIONAL INFORMATION
On February 11, 2010, Air Products Distribution, Inc. (“Purchaser”), a wholly owned subsidiary of Air Products and Chemicals, Inc. (“Air Products”), commenced a cash tender offer for all the outstanding shares of common stock of Airgas, Inc. (“Airgas”) not already owned by Air Products, subject to the terms and conditions set forth in the Offer to Purchase dated as of February 11, 2010 (the “Offer to Purchase”). The purchase price to be paid upon the successful closing of the cash tender offer is $65.50 per share in cash, without interest and less any required withholding tax, subject to the terms and conditions set forth in the Offer to Purchase, as amended. The offer is scheduled to expire at midnight, New York City time, on Friday, December 3, 2010, unless further extended in the manner set forth in the Offer to Purchase.

This communication does not constitute an offer to buy or solicitation of an offer to sell any securities. The tender offer is being made pursuant to a tender offer statement on Schedule TO (including the Offer to Purchase, a related letter of transmittal and other offer materials) filed by Air Products with the U.S. Securities and Exchange Commission (“SEC”) on February 11, 2010.INVESTORS AND SECURITY HOLDERS OF AIRGAS ARE URGED TO READ THESE AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders can obtain free copies of these documents and other documents filed with the SEC by Air Products through the web site maintained by the SEC at http://www.sec.gov. The Offer to Purchase and related materials may also be obtained for free by contacting the Information Agent for the tender offer, MacKenzie Partners, Inc., at 212-929-5500 or toll-free at 800-322-2885.

Air Products intends to file a proxy statement with the SEC in connection with the solicitation of proxies for the annual meeting of Airgas stockholders to be held on January 18, 2011. Any definitive proxy statement will be mailed to stockholders of Airgas.INVESTORS AND SECURITY HOLDERS OF AIRGAS ARE URGED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS RELATED TO THE SOLICITATION AND FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of these documents (if and when available) and other documents filed with the SEC by Air Products through the web site maintained by the SEC at http://www.sec.gov. These materials may also be obtained for free (if and when available) by contacting Air Products’ proxy solicitor, MacKenzie Partners, Inc., at 212-929-5500 or toll-free at 800-322-2885.

CERTAIN INFORMATION REGARDING PARTICIPANTS
Air Products, Purchaser, and certain of their respective directors and executive officers and the Air Products nominees for election at Airgas’s January 2011 annual meeting may be deemed to be participants in the proposed transaction under the rules of the SEC. Security holders may obtain information regarding the names, affiliations and interests of Air Products’ directors and executive officers in Air Products’ Annual Report on Form 10-K for the year ended September 30, 2009, which was filed with the SEC on November 25, 2009, and its proxy statement for Air Products’ 2010 Annual Meeting, which was filed with the SEC on December 10, 2009; and of Purchaser’s directors and executive officers in the Offer to Purchase. Information about the Air Products nominees will be included in the proxy statement Air Products intends to file with the SEC. These documents can be obtained free of charge from the sources indicated above. Additional information regarding the interests of these participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will also be included in any proxy statement and other relevant materials to be filed with the SEC when they become available.

Air Products Issues Statement

Tue, 26 Oct 2010 00:00:00 -0400

Air Products (NYSE: APD) today issued the following statement in response to the release of Airgas, Inc.’s (NYSE: ARG) fiscal 2011 second quarter earnings and letter to Air Products’ CEO.

“There is nothing in the Airgas earnings or letter that changes our view of value. It is time for the Airgas Board either to negotiate with us or terminate the Company’s poison pill and let Airgas shareholders decide for themselves.”

Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2010, Air Products had revenues of $9 billion, operations in over 40 countries, and 18,300 employees around the globe. For more information, visit www.airproducts.com.

ADDITIONAL INFORMATION
On February 11, 2010, Air Products Distribution, Inc. (“Purchaser”), a wholly owned subsidiary of Air Products and Chemicals, Inc. (“Air Products”), commenced a cash tender offer for all the outstanding shares of common stock of Airgas, Inc. (“Airgas”) not already owned by Air Products, subject to the terms and conditions set forth in the Offer to Purchase dated as of February 11, 2010 (the “Offer to Purchase”). The purchase price to be paid upon the successful closing of the cash tender offer is $65.50 per share in cash, without interest and less any required withholding tax, subject to the terms and conditions set forth in the Offer to Purchase, as amended. The offer is scheduled to expire at midnight, New York City time, on Friday, October 29, 2010, unless further extended in the manner set forth in the Offer to Purchase.

This communication does not constitute an offer to buy or solicitation of an offer to sell any securities. The tender offer is being made pursuant to a tender offer statement on Schedule TO (including the Offer to Purchase, a related letter of transmittal and other offer materials) filed by Air Products with the U.S. Securities and Exchange Commission (“SEC”) on February 11, 2010.INVESTORS AND SECURITY HOLDERS OF AIRGAS ARE URGED TO READ THESE AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders can obtain free copies of these documents and other documents filed with the SEC by Air Products through the web site maintained by the SEC at http://www.sec.gov. The Offer to Purchase and related materials may also be obtained for free by contacting the Information Agent for the tender offer, MacKenzie Partners, Inc., at 212-929-5500 or toll-free at 800-322-2885.

Air Products intends to file a proxy statement with the SEC in connection with the solicitation of proxies for the annual meeting of Airgas stockholders to be held on January 18, 2011. Any definitive proxy statement will be mailed to stockholders of Airgas.INVESTORS AND SECURITY HOLDERS OF AIRGAS ARE URGED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS RELATED TO THE SOLICITATION AND FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of these documents (if and when available) and other documents filed with the SEC by Air Products through the web site maintained by the SEC at http://www.sec.gov. These materials may also be obtained for free (if and when available) by contacting Air Products’ proxy solicitor, MacKenzie Partners, Inc., at 212-929-5500 or toll-free at 800-322-2885.

CERTAIN INFORMATION REGARDING PARTICIPANTS
Air Products, Purchaser, and certain of their respective directors and executive officers and the Air Products nominees for election at Airgas’s January 2011 annual meeting may be deemed to be participants in the proposed transaction under the rules of the SEC. Security holders may obtain information regarding the names, affiliations and interests of Air Products’ directors and executive officers in Air Products’ Annual Report on Form 10-K for the year ended September 30, 2009, which was filed with the SEC on November 25, 2009, and its proxy statement for Air Products’ 2010 Annual Meeting, which was filed with the SEC on December 10, 2009; and of Purchaser’s directors and executive officers in the Offer to Purchase. Information about the Air Products nominees will be included in the proxy statement Air Products intends to file with the SEC. These documents can be obtained free of charge from the sources indicated above. Additional information regarding the interests of these participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will also be included in any proxy statement and other relevant materials to be filed with the SEC when they become available.

Air Products Reports Fiscal 2010 Fourth Quarter EPS Up 18 Percent

Thu, 21 Oct 2010 00:00:00 -0400

Fourth Quarter Highlights Versus Prior Year

Sales increased 10% on 8% volume growth
Operating margin of 17.1%, up 170 basis points*
EPS of $1.35, up 18%*

Full Year Highlights

Operating margin of 16.5%, up 220 basis points*
Fiscal 2010 EPS of $5.02, up 24%*
Fiscal 2011 EPS guidance of $5.50 to $5.70*

Air Products (NYSE: APD) today reported income from continuing operations of $294 million, or diluted earnings per share (EPS) of $1.35, for its fiscal 2010 fourth quarter versus $246 million and $1.14, respectively, for the fourth quarter of fiscal 2009. This result excludes an after-tax charge of $22 million, or $0.10 per share, for costs associated with the tender offer for the outstanding shares of Airgas, Inc.

The discussion of fourth quarter and full year results and guidance in this release is based on non-GAAP comparisons. A reconciliation can be found at the end of this release.*

Fourth quarter revenues of $2,351 million increased 10 percent versus prior year and four percent sequentially. Underlying revenues were up eight percent and three percent respectively. Operating income of $402 million rose 22 percent versus prior year and seven percent sequentially on higher volumes across all segments.

For fiscal 2010, sales of $9,026 million increased nine percent on higher volumes. Operating income of $1,485 million was up 25 percent, and diluted EPS of $5.02 increased 24 percent from the prior year.

John McGlade, chairman, president and chief executive officer, said, "We are very pleased by the excellent results and progress we made this year. In 2010, we emerged from the recession and delivered strong growth and productivity, which generated significant improvements in operating margin and return on capital. With this performance we are well positioned to achieve our 2011 goals. I want to thank our entire team for their hard work to deliver these results."

Fourth Quarter Segment Performance

Merchant Gases sales of $948 million increased two percent from the prior year on five percent higher volumes across all regions, notably Asia. This was partially offset by unfavorable currency effects of three percent. Sequentially, sales increased four percent on three percent higher volumes from improved demand in most geographies. Operating income of $185 million improved 12 percent from the prior year on better volumes and improved cost performance, which was partially offset by unfavorable currency.
Tonnage Gases sales of $752 million were up 17 percent from the prior year on improved volumes from new plant onstreams and higher energy and raw material cost pass-throughs. Sales were up four percent sequentially with higher volumes and energy and raw material cost pass-throughs both contributing two percent. Operating income of $117 million rose 11 percent from the prior year on better volumes from new plant onstreams.
Electronics and Performance Materials sales of $523 million increased 20 percent, primarily on higher volumes. Sales improved five percent sequentially. Operating income of $84 million increased 71 percent from the prior year on better volumes. Sequentially, operating income rose 35 percent on higher volumes and improved cost performance.
Equipment and Energy sales of $128 million rose five percent from the prior year. Operating income of $20 million improved significantly on increased LNG activity.

Outlook

Looking ahead, McGlade said, "We expect a continued, gradual global economic recovery in 2011. Our focus will be on loading our existing assets, winning new business and continuing to lower our costs. We remain committed to delivering our 2011 targets of double digit earnings growth, improving return on capital and achieving a 17 percent operating margin."

The company today announced initial guidance for fiscal year 2011 EPS in the range of $5.50 to $5.70 per share, representing year-over-year earnings growth of 10 to 14 percent. For the first quarter of fiscal 2011 ending December 31, 2010, EPS is expected to be between $1.31 and $1.35 per share.

The company also announced that it expects capital spending in fiscal 2011 to be between $1.5 and $1.7 billion.

Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2010, Air Products had revenues of $9 billion, operations in over 40 countries, and 18,300 employees around the globe. For more information, visit www.airproducts.com.

NOTE: This release contains "forward-looking statements" within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including earnings guidance, projections and targets. These forward-looking statements are based on management's reasonable expectations and assumptions as of the date this Report is filed regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including, without limitation, slowing of global economic recovery; renewed deterioration in economic and business conditions; weakening demand for the Company's products; future financial and operating performance of major customers and industries served by the Company; unanticipated contract terminations or customer cancellations or postponement of projects and sales; the success of commercial negotiations; asset impairments due to economic conditions or specific product or customer events; the impact of competitive products and pricing; interruption in ordinary sources of supply of raw materials; the ability to recover unanticipated increased energy and raw material costs from customers; costs and outcomes of litigation or regulatory activities; successful development and market acceptance of new products and applications, the ability to attract, hire and retain qualified personnel in all regions of the world where the Company operates; consequences of acts of war or terrorism impacting the United States and other markets; the effects of a natural disaster; the success of cost reduction and productivity programs and achieving anticipated acquisition synergies; the timing, impact, and other uncertainties of future acquisitions or divestitures; significant fluctuations in interest rates and foreign currencies from that currently anticipated; the continued availability of capital funding sources in all of the Company's foreign operations; the impact of environmental, healthcare, tax or other legislation and regulations in jurisdictions in which the Company and its affiliates operate; the impact of new or changed financial accounting guidance; the timing and rate at which tax credits can be utilized and other risk factors described in the Company's Form 10K for its fiscal year ended September 30, 2009. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this document to reflect any change in the Company's assumptions, beliefs or expectations or any change in events, conditions, or circumstances upon which any such forward-looking statements are based.

*The presentation of non-GAAP measures is intended to enhance the usefulness of financial information by providing measures which the Company’s management uses internally to evaluate the Company’s baseline performance. Presented below are reconciliations of reported GAAP results to non-GAAP measures. Amounts below are in millions of dollars, except for share data. Income from continuing operations and diluted EPS data are attributable to Air Products.

CONSOLIDATED RESULTS
	Continuing Operations
	Q4 Operating Income	Q4 Income	Q4 Diluted EPS	YTD Operating Income	YTD Diluted EPS
2010 GAAP	$367.0	$272.1	$1.25	$1,389.0	$4.74
2009 GAAP	328.0	246.0	1.14	846.3	3.00
% Change GAAP	12%	11%	10%	64%	58%
2010 GAAP	$367.0	$272.1	$1.25	$1,389.0	$4.74
Acquisition-related costs (Q4 tax impact $12.9)(a)	34.7	21.8	.10	96.0	.28
2010 Non-GAAP Measure	$401.7	$293.9	$1.35	$1,485.0	$5.02
2009 GAAP				$846.3	$3.00
Global cost reduction plan				298.2	.94
Customer bankruptcy and asset actions				32.1	.10
Pension settlement				8.0	.02
2009 Non-GAAP Measure				$1,184.6	$4.06
% Change Non-GAAP	22%	19%	18%	25%	24%

	Operating Income
2010 Q4 GAAP	$367.0
2010 Q3 GAAP	336.4
% Change GAAP	9%

2010 Q4 Non-GAAP Measure	$401.7
2010 Q3 GAAP	$336.4
Acquisition-related costs	37.9
2010 Q3 Non-GAAP Measure	374.3
% Change Non-GAAP	7%

	Q4 Sales	Q4 Operating Income	Q4 Margin	YTD Sales	YTD Operating Income	YTD Margin
2009 GAAP	$2,129.3	$328.0	15.4%	$8,256.2	$846.3	10.3%
2009 Non-GAAP Measure				8,256.2	1,184.6	14.3%
2010 GAAP	$2,351.2	$367.0	15.6%	$9,026.0	$1,389.0	15.4%
2010 Non-GAAP Measure	2,351.2	401.7	17.1%	9,026.0	1,485.0	16.5%
Basis Points Change GAAP			20			510
Basis Points Change Non-GAAP			170			220

	Q1 2011	YTD 2011
2011 Guidance (b)	$1.31-$1.35	$5.50-$5.70
2010 GAAP		$4.74
% Change		16%-20%
% Change Non-GAAP Measure		10% -14%

Based on statutory tax rate of 37.4%
Guidance excludes the impact of acquisition-related costs

Capital Expenditures
The Company utilizes a non-GAAP measure in the computation of capital expenditures and includes spending associated with facilities accounted for as capital leases. Certain facilities that are built to provide product to a specific customer are required to be accounted for as capital leases and such spending is reflected as a use of cash within cash provided by operating activities.

	2011 Forecast
Capital expenditures - GAAP Measure	$1,400 to $1,500
Capital lease expenditures	100 to 200
Capital Expenditures – Non-GAAP Measure	$1,500 to $1,700

View entire earnings release with all financial tables. (PDF, 63 KB)

Air Products Responds to Airgas’s Intention to Appeal Delaware Court Decision to Uphold Adoption of Airgas January Annual Meeting Bylaw

Mon, 11 Oct 2010 00:00:00 -0400

Air Products (NYSE: APD) today issued the following statement in response to Airgas’s announcement of its intention to challenge the decision issued on October 8, 2010 by the Delaware Chancery Court. Chancellor William B. Chandler III ruled that the bylaw providing for the next Airgas, Inc. (NYSE: ARG) Annual Meeting to be held on January 18, 2011 was properly adopted at the Airgas 2010 Annual Meeting on September 15 and that it is valid under Delaware law.

“While we are pleased with the Court’s decision, we are disappointed that Airgas continues to oppose the will of its shareholders, as expressed at Airgas’s September 15 Annual Meeting, and now intends to oppose the ruling by Chancellor Chandler regarding the validity of Air Products’ properly approved bylaw. As always, Air Products stands ready to meet with Airgas, its directors and advisors, to exchange information and to negotiate a mutually beneficial transaction. We remain convinced that such a meeting is in the best interests of both companies’ shareholders.”

Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2009, Air Products had revenues of $8.3 billion, operations in over 40 countries, and 18,900 employees around the globe. For more information, visit www.airproducts.com.

ADDITIONAL INFORMATION
On February 11, 2010, Air Products Distribution, Inc. (“Purchaser”), a wholly owned subsidiary of Air Products and Chemicals, Inc. ("Air Products"), commenced a cash tender offer for all the outstanding shares of common stock of Airgas, Inc. ("Airgas") not already owned by Air Products, subject to the terms and conditions set forth in the Offer to Purchase dated as of February 11, 2010 (the "Offer to Purchase"). The purchase price to be paid upon the successful closing of the cash tender offer is $65.50 per share in cash, without interest and less any required withholding tax, subject to the terms and conditions set forth in the Offer to Purchase, as amended. The offer is scheduled to expire at midnight, New York City time, on Friday, October 29, 2010, unless further extended in the manner set forth in the Offer to Purchase.

This communication does not constitute an offer to buy or solicitation of an offer to sell any securities. The tender offer is being made pursuant to a tender offer statement on Schedule TO (including the Offer to Purchase, a related letter of transmittal and other offer materials) filed by Air Products with the U.S. Securities and Exchange Commission (“SEC”) on February 11, 2010. INVESTORS AND SECURITY HOLDERS OF AIRGAS ARE URGED TO READ THESE AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders can obtain free copies of these documents and other documents filed with the SEC by Air Products through the web site maintained by the SEC at http://www.sec.gov. The Offer to Purchase and related materials may also be obtained for free by contacting the Information Agent for the tender offer, MacKenzie Partners, Inc., at 212-929-5500 or toll-free at 800-322-2885.

Air Products has filed a definitive proxy statement on Schedule 14A dated July 29, 2010 with the SEC in connection with the solicitation of proxies for the 2010 annual meeting of Airgas stockholders. The definitive proxy statement has been mailed to shareholders of Airgas. INVESTORS AND SECURITY HOLDERS OF AIRGAS ARE URGED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS RELATED TO THE SOLICITATION AND FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of these documents (if and when available) and other documents filed with the SEC by Air Products through the web site maintained by the SEC at http://www.sec.gov. These materials may also be obtained for free by contacting Air Products’ proxy solicitor for the 2010 Airgas annual meeting, MacKenzie Partners, Inc., at 212-929-5500 or toll-free at 800-322-2885.

CERTAIN INFORMATION REGARDING PARTICIPANTS
Air Products, Purchaser, and certain of their respective directors and executive officers and the Air Products nominees may be deemed to be participants in the proposed transaction under the rules of the SEC. Security holders may obtain information regarding the names, affiliations and interests of Air Products’ directors and executive officers in Air Products’ Annual Report on Form 10-K for the year ended September 30, 2009, which was filed with the SEC on November 25, 2009, and its proxy statement for the 2010 Annual Meeting, which was filed with the SEC on December 10, 2009; and of Purchaser’s directors and executive officers in the Offer to Purchase. Information about the Air Products nominees is included in the definitive proxy statement Air Products filed with the SEC on July 29, 2010 relating to the 2010 annual meeting of Airgas stockholders. These documents can be obtained free of charge from the sources indicated above. Additional information regarding the interests of these participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is also included in the definitive proxy statement filed by Air Products with the SEC.

FORWARD-LOOKING STATEMENTS
All statements included or incorporated by reference in this communication other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and projections about our business and industry, management’s beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as “anticipates”, “expects”, “intends”, “plans”, “predicts”, “believes”, “seeks”, “estimates”, “may”, “will”, “should”, “would”, “could”, “potential”, “continue”, “ongoing”, similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement. Important risk factors that could contribute to such differences or otherwise affect our business, results of operations and financial condition include the possibility that Air Products will not pursue a transaction with Airgas and the risk factors discussed in our Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings. The forward-looking statements in this release speak only as of the date of this filing. We undertake no obligation to revise or update publicly any forward-looking statement, except as required by law.

Media Inquiries:
(Sard Verbinnen & Co)
George Sard
Tel: (212) 687-8080
E-mail: gsard@sardverb.com

David Reno
Tel: (212) 687-8080
E-mail: dreno@sardverb.com

Investor Inquiries:
(MacKenzie Partners)
Dan Burch
Tel: (516) 429-2721
E-mail: dburch@mackenziepartners.com

Larry Dennedy
Tel: (917) 658-2478
E-mail: ldennedy@mackenziepartners.com

Charlie Koons
Tel: (917) 545-4523
E-mail: ckoons@mackenziepartners.com

Air Products Declares Quarterly Dividend

Thu, 16 Sep 2010 00:00:00 -0400

The Board of Directors of Air Products (NYSE:APD) today declared a quarterly dividend of 49 cents per share of common stock. The dividend is payable on November 8, 2010 to shareholders of record at the close of business on October 1, 2010.

Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2009, Air Products had revenues of $8.3 billion, operations in over 40 countries, and 18,900 employees around the globe. For more information, visit www.airproducts.com.

NOTE: This release may contain forward-looking statements. Actual results could vary materially, due to changes in current expectations.

Airgas Shareholders Support All Air Products Nominees and Proposals at Airgas Annual Meeting

Wed, 15 Sep 2010 00:00:00 -0400

Air Products (NYSE: APD) today announced that, based on preliminary estimates, all three of its director nominees were elected to the Board of Directors of Airgas, Inc. (NYSE: ARG) at today’s Annual Meeting of Shareholders. Based on a preliminary count by Air Products’ proxy solicitor, MacKenzie Partners, Inc., John P. Clancey, Robert L. Lumpkins and Ted B. Miller, Jr., were all elected to Airgas’ board of directors.

Air Products also said that all three of its proposals were approved:

A proposal amending Airgas’ By-Laws to limit the Airgas Board’s ability to re-seat directors not elected by Airgas shareholders (excluding the Chief Executive Officer)
A proposal requiring future Airgas annual shareholder meetings, including for 2011, to be held in January
A proposal repealing all By-Law amendments adopted by the Airgas Board after April 7, 2010

John E. McGlade, Air Products’ chairman, president and chief executive officer, said, “Airgas shareholders have provided a clear mandate to negotiate a transaction, and we appreciate their support. We stand ready to negotiate immediately and call on the Airgas Board to respect the will of its shareholders. Further delay serves no purpose.”

Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2009, Air Products had revenues of $8.3 billion, operations in over 40 countries, and 18,900 employees around the globe. For more information, visit www.airproducts.com.

ADDITIONAL INFORMATION
On February 11, 2010, Air Products Distribution, Inc. (“Purchaser”), a wholly owned subsidiary of Air Products and Chemicals, Inc. ("Air Products"), commenced a cash tender offer for all the outstanding shares of common stock of Airgas, Inc. ("Airgas") not already owned by Air Products, subject to the terms and conditions set forth in the Offer to Purchase dated as of February 11, 2010 (the "Offer to Purchase"). The purchase price to be paid upon the successful closing of the cash tender offer is $65.50 per share in cash, without interest and less any required withholding tax, subject to the terms and conditions set forth in the Offer to Purchase, as amended. The offer is scheduled to expire at midnight, New York City time, on Friday, October 29, 2010, unless further extended in the manner set forth in the Offer to Purchase.

This communication does not constitute an offer to buy or solicitation of an offer to sell any securities. The tender offer is being made pursuant to a tender offer statement on Schedule TO (including the Offer to Purchase, a related letter of transmittal and other offer materials) filed by Air Products with the U.S. Securities and Exchange Commission (“SEC”) on February 11, 2010.INVESTORS AND SECURITY HOLDERS OF AIRGAS ARE URGED TO READ THESE AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders can obtain free copies of these documents and other documents filed with the SEC by Air Products through the web site maintained by the SEC at http://www.sec.gov. The Offer to Purchase and related materials may also be obtained for free by contacting the Information Agent for the tender offer, MacKenzie Partners, Inc., at 212-929-5500 or toll-free at 800-322-2885.

Air Products has filed a definitive proxy statement on Schedule 14A dated July 29, 2010 with the SEC in connection with the solicitation of proxies for the 2010 annual meeting of Airgas stockholders. The definitive proxy statement has been mailed to shareholders of Airgas. INVESTORS AND SECURITY HOLDERS OF AIRGAS ARE URGED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS RELATED TO THE SOLICITATION AND FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of these documents (if and when available) and other documents filed with the SEC by Air Products through the web site maintained by the SEC at http://www.sec.gov. These materials may also be obtained for free by contacting Air Products’ proxy solicitor for the 2010 Airgas annual meeting, MacKenzie Partners, Inc., at 212-929-5500 or toll-free at 800-322-2885.

CERTAIN INFORMATION REGARDING PARTICIPANTS
Air Products, Purchaser, and certain of their respective directors and executive officers and the Air Products nominees may be deemed to be participants in the proposed transaction under the rules of the SEC. Security holders may obtain information regarding the names, affiliations and interests of Air Products’ directors and executive officers in Air Products’ Annual Report on Form 10-K for the year ended September 30, 2009, which was filed with the SEC on November 25, 2009, and its proxy statement for the 2010 Annual Meeting, which was filed with the SEC on December 10, 2009; and of Purchaser’s directors and executive officers in the Offer to Purchase. Information about the Air Products nominees is included in the definitive proxy statement Air Products filed with the SEC on July 29, 2010 relating to the 2010 annual meeting of Airgas stockholders. These documents can be obtained free of charge from the sources indicated above. Additional information regarding the interests of these participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is also included in the definitive proxy statement filed by Air Products with the SEC.

FORWARD-LOOKING STATEMENTS
All statements included or incorporated by reference in this communication other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and projections about our business and industry, management’s beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as “anticipates”, “expects”, “intends”, “plans”, “predicts”, “believes”, “seeks”, “estimates”, “may”, “will”, “should”, “would”, “could”, “potential”, “continue”, “ongoing”, similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement. Important risk factors that could contribute to such differences or otherwise affect our business, results of operations and financial condition include the possibility that Air Products will not pursue a transaction with Airgas and the risk factors discussed in our Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings. The forward-looking statements in this release speak only as of the date of this filing. We undertake no obligation to revise or update publicly any forward-looking statement, except as required by law.

Media Inquiries:
(Sard Verbinnen & Co)
George Sard
Tel: (212) 687-8080

David Reno
Tel: (212) 687-8080

Investor Inquiries:
(MacKenzie Partners)
Dan Burch
Tel: (516) 429-2721

Larry Dennedy
Tel: (917) 658-2478

Charlie Koons
Tel: (917) 545-4523

Air Products Comments On Airgas’ Attempt To Invalidate Airgas Shareholder Vote On By-law Amendments

Wed, 15 Sep 2010 00:00:00 -0400

Air Products (NYSE: APD) today issued the following statement in response to litigation filed today by Airgas, Inc. (NYSE: ARG) with the Delaware Chancery Court regarding the outcome of today’s Airgas Annual Meeting. Airgas is attempting to invalidate a vote of its own shareholders who today approved a set of by-law proposals, including a new by-law requiring Airgas to hold its next annual meeting in January 2011.

“Airgas’ lawsuit is completely without merit. Today the Airgas shareholders determined the date of the next Airgas annual meeting. The Airgas Board should respect the will of its shareholders, drop this baseless litigation and begin negotiations with us immediately. Airgas shareholders had a chance to speak today and provided a clear mandate to negotiate a transaction; their will should be respected.”

Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2009, Air Products had revenues of $8.3 billion, operations in over 40 countries, and 18,900 employees around the globe. For more information, visit www.airproducts.com.

ADDITIONAL INFORMATION
On February 11, 2010, Air Products Distribution, Inc. (“Purchaser”), a wholly owned subsidiary of Air Products and Chemicals, Inc. ("Air Products"), commenced a cash tender offer for all the outstanding shares of common stock of Airgas, Inc. ("Airgas") not already owned by Air Products, subject to the terms and conditions set forth in the Offer to Purchase dated as of February 11, 2010 (the "Offer to Purchase"). The purchase price to be paid upon the successful closing of the cash tender offer is $65.50 per share in cash, without interest and less any required withholding tax, subject to the terms and conditions set forth in the Offer to Purchase, as amended. The offer is scheduled to expire at midnight, New York City time, on Friday, October 29, 2010, unless further extended in the manner set forth in the Offer to Purchase.

This communication does not constitute an offer to buy or solicitation of an offer to sell any securities. The tender offer is being made pursuant to a tender offer statement on Schedule TO (including the Offer to Purchase, a related letter of transmittal and other offer materials) filed by Air Products with the U.S. Securities and Exchange Commission (“SEC”) on February 11, 2010.INVESTORS AND SECURITY HOLDERS OF AIRGAS ARE URGED TO READ THESE AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders can obtain free copies of these documents and other documents filed with the SEC by Air Products through the web site maintained by the SEC at http://www.sec.gov. The Offer to Purchase and related materials may also be obtained for free by contacting the Information Agent for the tender offer, MacKenzie Partners, Inc., at 212-929-5500 or toll-free at 800-322-2885.

Air Products has filed a definitive proxy statement on Schedule 14A dated July 29, 2010 with the SEC in connection with the solicitation of proxies for the 2010 annual meeting of Airgas stockholders. The definitive proxy statement has been mailed to shareholders of Airgas. INVESTORS AND SECURITY HOLDERS OF AIRGAS ARE URGED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS RELATED TO THE SOLICITATION AND FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of these documents (if and when available) and other documents filed with the SEC by Air Products through the web site maintained by the SEC at http://www.sec.gov. These materials may also be obtained for free by contacting Air Products’ proxy solicitor for the 2010 Airgas annual meeting, MacKenzie Partners, Inc., at 212-929-5500 or toll-free at 800-322-2885.

CERTAIN INFORMATION REGARDING PARTICIPANTS
Air Products, Purchaser, and certain of their respective directors and executive officers and the Air Products nominees may be deemed to be participants in the proposed transaction under the rules of the SEC. Security holders may obtain information regarding the names, affiliations and interests of Air Products’ directors and executive officers in Air Products’ Annual Report on Form 10-K for the year ended September 30, 2009, which was filed with the SEC on November 25, 2009, and its proxy statement for the 2010 Annual Meeting, which was filed with the SEC on December 10, 2009; and of Purchaser’s directors and executive officers in the Offer to Purchase. Information about the Air Products nominees is included in the definitive proxy statement Air Products filed with the SEC on July 29, 2010 relating to the 2010 annual meeting of Airgas stockholders. These documents can be obtained free of charge from the sources indicated above. Additional information regarding the interests of these participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is also included in the definitive proxy statement filed by Air Products with the SEC.

FORWARD-LOOKING STATEMENTS
All statements included or incorporated by reference in this communication other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and projections about our business and industry, management’s beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as “anticipates”, “expects”, “intends”, “plans”, “predicts”, “believes”, “seeks”, “estimates”, “may”, “will”, “should”, “would”, “could”, “potential”, “continue”, “ongoing”, similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement. Important risk factors that could contribute to such differences or otherwise affect our business, results of operations and financial condition include the possibility that Air Products will not pursue a transaction with Airgas and the risk factors discussed in our Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings. The forward-looking statements in this release speak only as of the date of this filing. We undertake no obligation to revise or update publicly any forward-looking statement, except as required by law.

Media Inquiries:
(Sard Verbinnen & Co)
George Sard
Tel: (212) 687-8080

David Reno
Tel: (212) 687-8080

Investor Inquiries:
(MacKenzie Partners)
Larry Dennedy
Tel: (917) 658-2478

Charlie Koons
Tel: (917) 545-4523

Federal Trade Commission Accepts Air Products’ Consent Decree for Acquisition of Airgas

Thu, 09 Sep 2010 00:00:00 -0400

Air Products (NYSE: APD) today announced that the U.S. Federal Trade Commission (FTC) has accepted a Consent Decree in connection with Air Products’ proposed acquisition of Airgas, Inc. (NYSE: ARG). Final approval of the Consent Decree will be determined by the FTC after a 30-day public comment period. The waiting period under the Hart-Scott-Rodino Antitrust Improvement Act of 1976 expired yesterday, September 8, 2010.

The Consent Decree permits Air Products to acquire Airgas subject to the divestiture of certain assets and permits, for a period of time, the closing of the acquisition prior to completion of the divestiture. The assets to be divested relate primarily to Airgas’ liquid bulk and on-site supply of atmospheric gases, including production and related assets.

John E. McGlade, Air Products chairman, president and chief executive officer, said, “We are pleased the FTC has accepted the Consent Decree with respect to our acquisition of Airgas. All of the principal conditions to completing a transaction with Airgas have been satisfied. The only thing standing in the way of Airgas shareholders receiving a substantial premium for their shares now is the continued refusal of the Airgas Board to engage with Air Products on any level.”

Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2009, Air Products had revenues of $8.3 billion, operations in over 40 countries, and 18,900 employees around the globe. For more information, visit www.airproducts.com.

ADDITIONAL INFORMATION
On February 11, 2010, Air Products Distribution, Inc. (“Purchaser”), a wholly owned subsidiary of Air Products and Chemicals, Inc. ("Air Products"), commenced a cash tender offer for all the outstanding shares of common stock of Airgas, Inc. ("Airgas") not already owned by Air Products, subject to the terms and conditions set forth in the Offer to Purchase dated as of February 11, 2010 (the "Offer to Purchase"). The purchase price to be paid upon the successful closing of the cash tender offer is $65.50 per share in cash, without interest and less any required withholding tax, subject to the terms and conditions set forth in the Offer to Purchase, as amended. The offer is scheduled to expire at midnight, New York City time, on Friday, October 29, 2010, unless further extended in the manner set forth in the Offer to Purchase.

This communication does not constitute an offer to buy or solicitation of an offer to sell any securities. The tender offer is being made pursuant to a tender offer statement on Schedule TO (including the Offer to Purchase, a related letter of transmittal and other offer materials) filed by Air Products with the U.S. Securities and Exchange Commission (“SEC”) on February 11, 2010.INVESTORS AND SECURITY HOLDERS OF AIRGAS ARE URGED TO READ THESE AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders can obtain free copies of these documents and other documents filed with the SEC by Air Products through the web site maintained by the SEC at http://www.sec.gov. The Offer to Purchase and related materials may also be obtained for free by contacting the Information Agent for the tender offer, MacKenzie Partners, Inc., at 212-929-5500 or toll-free at 800-322-2885.

Air Products has filed a definitive proxy statement on Schedule 14A dated July 29, 2010 with the SEC in connection with the solicitation of proxies for the 2010 annual meeting of Airgas stockholders. The definitive proxy statement has been mailed to shareholders of Airgas. INVESTORS AND SECURITY HOLDERS OF AIRGAS ARE URGED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS RELATED TO THE SOLICITATION AND FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of these documents (if and when available) and other documents filed with the SEC by Air Products through the web site maintained by the SEC at http://www.sec.gov. These materials may also be obtained for free by contacting Air Products’ proxy solicitor for the 2010 Airgas annual meeting, MacKenzie Partners, Inc., at 212-929-5500 or toll-free at 800-322-2885.

CERTAIN INFORMATION REGARDING PARTICIPANTS
Air Products, Purchaser, and certain of their respective directors and executive officers and the Air Products nominees may be deemed to be participants in the proposed transaction under the rules of the SEC. Security holders may obtain information regarding the names, affiliations and interests of Air Products’ directors and executive officers in Air Products’ Annual Report on Form 10-K for the year ended September 30, 2009, which was filed with the SEC on November 25, 2009, and its proxy statement for the 2010 Annual Meeting, which was filed with the SEC on December 10, 2009; and of Purchaser’s directors and executive officers in the Offer to Purchase. Information about the Air Products nominees is included in the definitive proxy statement Air Products filed with the SEC on July 29, 2010 relating to the 2010 annual meeting of Airgas stockholders. These documents can be obtained free of charge from the sources indicated above. Additional information regarding the interests of these participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is also included in the definitive proxy statement filed by Air Products with the SEC.

FORWARD-LOOKING STATEMENTS
All statements included or incorporated by reference in this communication other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and projections about our business and industry, management’s beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as “anticipates”, “expects”, “intends”, “plans”, “predicts”, “believes”, “seeks”, “estimates”, “may”, “will”, “should”, “would”, “could”, “potential”, “continue”, “ongoing”, similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement. Important risk factors that could contribute to such differences or otherwise affect our business, results of operations and financial condition include the possibility that Air Products will not pursue a transaction with Airgas and the risk factors discussed in our Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings. The forward-looking statements in this release speak only as of the date of this filing. We undertake no obligation to revise or update publicly any forward-looking statement, except as required by law.

Air Products Comments on ISS Recommendation That Airgas Shareholders Vote in Favor of All Air Products Nominees

Thu, 09 Sep 2010 00:00:00 -0400

Air Products (NYSE: APD) today issued the following statement regarding the report of Institutional Shareholder Services (ISS) on Air Products’ proposed acquisition of Airgas, Inc. (NYSE: ARG).

“We appreciate ISS’s support for the Air Products director nominees. The three independent nominees put forward by Air Products are highly qualified and will add much-needed perspective to the incumbent Airgas Board, which we believe is opposed to a sale of Airgas at any price.

“ISS stated in its recommendation, in direct contrast to the position of the Airgas Board, that our current $65.50 offer is indeed a ‘compelling starting point for negotiation’ and that ‘the burden now shifts to the ARG board’ to ‘engage APD in negotiation, or to open a broader sale process to maximize shareholder value.’ We once again urge the Airgas Board to sit down and begin negotiations with us immediately so we can complete this transaction and deliver a substantial premium to Airgas shareholders that maximizes value for their shares.

“We are pleased that ISS supported three of our four proposals, but believe their recommendation against our proposal to hold the next Airgas Annual Meeting in January 2011 is a serious error that fails to recognize the option value for Airgas shareholders of this meeting. In our view, ISS, which has no money at risk on September 15, does not appreciate the economic benefits to Airgas shareholders of our January by-law proposal. It will cost Airgas shareholders money if they choose to follow ISS’s misguided recommendation.

“Voting today in favor of holding the 2011 annual meeting in January empowers Airgas shareholders with an option to vote on a transaction with Air Products, or a third party, at that time. In choosing to support a meeting in January, Airgas shareholders are in no way bound to accept a transaction at a price they deem inadequate.

“Importantly, this decision by the new ISS team to recommend against a January annual meeting is inconsistent with its stated policy of opposing classified boards, which the Airgas Board is exploiting to avoid any discussions which may lead to a sale of the company.

“We believe the Airgas Board’s offer to hold a special meeting in June 2011 as a way to placate shareholders is illusory. They have made no commitment to explore a sale of the company now, or ever. With no bidders, no firm commitment to sell the company or even to seriously explore that option, and no shareholders stepping forward with director nominees, it will be business as usual at Airgas. An option in January, with Air Products still bidding, is worth far more to shareholders than an option in June with no buyers.

“We have provided Airgas shareholders with a clear path to prompt completion of a transaction at a more than 50% premium, and are ready to negotiate a deal today if they support our nominees and proposals on September 15. If they do not elect the Air Products nominees and approve all of our by-law proposals on September 15, we will terminate our offer and move on. We are confident that the owners of Airgas shares will vote in their own economic interest to maximize the value of their investment.”

Air Products urges Airgas shareholders to vote the GOLD proxy card “FOR” the three Air Products nominees and “FOR” the by-law amendments today as the Airgas Annual Meeting is only a week away on September 15, 2010.

Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2009, Air Products had revenues of $8.3 billion, operations in over 40 countries, and 18,900 employees around the globe. For more information, visit www.airproducts.com.

ADDITIONAL INFORMATION
On February 11, 2010, Air Products Distribution, Inc. (“Purchaser”), a wholly owned subsidiary of Air Products and Chemicals, Inc. ("Air Products"), commenced a cash tender offer for all the outstanding shares of common stock of Airgas, Inc. ("Airgas") not already owned by Air Products, subject to the terms and conditions set forth in the Offer to Purchase dated as of February 11, 2010 (the "Offer to Purchase"). The purchase price to be paid upon the successful closing of the cash tender offer is $65.50 per share in cash, without interest and less any required withholding tax, subject to the terms and conditions set forth in the Offer to Purchase, as amended. The offer is scheduled to expire at midnight, New York City time, on Friday, October 29, 2010, unless further extended in the manner set forth in the Offer to Purchase.

This communication does not constitute an offer to buy or solicitation of an offer to sell any securities. The tender offer is being made pursuant to a tender offer statement on Schedule TO (including the Offer to Purchase, a related letter of transmittal and other offer materials) filed by Air Products with the U.S. Securities and Exchange Commission (“SEC”) on February 11, 2010.INVESTORS AND SECURITY HOLDERS OF AIRGAS ARE URGED TO READ THESE AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders can obtain free copies of these documents and other documents filed with the SEC by Air Products through the web site maintained by the SEC at http://www.sec.gov. The Offer to Purchase and related materials may also be obtained for free by contacting the Information Agent for the tender offer, MacKenzie Partners, Inc., at 212-929-5500 or toll-free at 800-322-2885.

Air Products has filed a definitive proxy statement on Schedule 14A dated July 29, 2010 with the SEC in connection with the solicitation of proxies for the 2010 annual meeting of Airgas stockholders. The definitive proxy statement has been mailed to shareholders of Airgas. INVESTORS AND SECURITY HOLDERS OF AIRGAS ARE URGED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS RELATED TO THE SOLICITATION AND FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of these documents (if and when available) and other documents filed with the SEC by Air Products through the web site maintained by the SEC at http://www.sec.gov. These materials may also be obtained for free by contacting Air Products’ proxy solicitor for the 2010 Airgas annual meeting, MacKenzie Partners, Inc., at 212-929-5500 or toll-free at 800-322-2885.

CERTAIN INFORMATION REGARDING PARTICIPANTS
Air Products, Purchaser, and certain of their respective directors and executive officers and the Air Products nominees may be deemed to be participants in the proposed transaction under the rules of the SEC. Security holders may obtain information regarding the names, affiliations and interests of Air Products’ directors and executive officers in Air Products’ Annual Report on Form 10-K for the year ended September 30, 2009, which was filed with the SEC on November 25, 2009, and its proxy statement for the 2010 Annual Meeting, which was filed with the SEC on December 10, 2009; and of Purchaser’s directors and executive officers in the Offer to Purchase. Information about the Air Products nominees is included in the definitive proxy statement Air Products filed with the SEC on July 29, 2010 relating to the 2010 annual meeting of Airgas stockholders. These documents can be obtained free of charge from the sources indicated above. Additional information regarding the interests of these participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is also included in the definitive proxy statement filed by Air Products with the SEC.

FORWARD-LOOKING STATEMENTS
All statements included or incorporated by reference in this communication other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and projections about our business and industry, management’s beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as “anticipates”, “expects”, “intends”, “plans”, “predicts”, “believes”, “seeks”, “estimates”, “may”, “will”, “should”, “would”, “could”, “potential”, “continue”, “ongoing”, similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement. Important risk factors that could contribute to such differences or otherwise affect our business, results of operations and financial condition include the possibility that Air Products will not pursue a transaction with Airgas and the risk factors discussed in our Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings. The forward-looking statements in this release speak only as of the date of this filing. We undertake no obligation to revise or update publicly any forward-looking statement, except as required by law.

Air Products Responds to Airgas Board’s Value-Destructive Tactics

Wed, 08 Sep 2010 00:00:00 -0400

Air Products (NYSE: APD) today issued the following statement in response to Airgas, Inc.’s (NYSE: ARG) latest value-destructive tactics in its continuing attempts to avoid an Airgas shareholder referendum on Air Products’ offer.

“The Airgas Board is resorting to desperate last-minute gambits that should not distract the Airgas shareholders from the real choice they face at the September 15 Airgas Annual Meeting. Air Products is offering Airgas shareholders a premium of more than 50% for their shares today, and can close a deal quickly if the Airgas Board will agree to sit down and negotiate. There is no need for further delays possibly followed by a convoluted process that destroys value for the Airgas shareholders.

“Airgas shareholders should see these latest actions by the Airgas Board as part of a continuing pattern of behavior designed to avoid a sale of Airgas at any price. The statement that $65.50 is not a ‘sensible starting point for negotiations’ makes clear that Airgas continues to have unreasonable and unsupportable value expectations. Airgas’ vague new promise to ‘explore alternatives to enhance stockholder value’ sometime before June 2011—but only if Airgas shareholders do not support Air Products’ January by-law proposal—should not fool anybody. After stonewalling for nearly a year, the Airgas Board now promises to discharge its fiduciary duties only if Airgas shareholders vote their way. This latest non-binding ‘commitment’ from the incumbent Airgas Board is further evidence that Airgas needs truly independent directors who are committed to maximizing value for Airgas shareholders.

“Today’s comments by Airgas also ring hollow regarding leveraging the company to accommodate the expected severe sell-off in Airgas stock should we withdraw our offer. Only yesterday, Airgas filed a presentation to investors touting the value Airgas could supposedly create on its own by de-leveraging. The Airgas Board cannot have it both ways.

“Air Products has provided Airgas shareholders with a clear path to completing a transaction at a substantial premium with no regulatory or financing obstacles. The only remaining obstacle is the lack of engagement by the Airgas Board. Air Products asks that Airgas shareholders send a clear and unambiguous message to the Airgas Board that they want a sale to move forward now by voting for both the Air Products nominees and by-law proposals.

“Airgas shareholders should understand that if they do not elect the Air Products nominees and approve our proposals, we will conclude that shareholders are satisfied with a minimal share repurchase at an unknown price and unknown time instead of a sale of Airgas to Air Products or a third party. In that case, we will terminate our offer and move on. We are confident Airgas shareholders will make the right choice to protect the value of their investment.”

Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2009, Air Products had revenues of $8.3 billion, operations in over 40 countries, and 18,900 employees around the globe. For more information, visit www.airproducts.com.

ADDITIONAL INFORMATION
On February 11, 2010, Air Products Distribution, Inc. (“Purchaser”), a wholly owned subsidiary of Air Products and Chemicals, Inc. ("Air Products"), commenced a cash tender offer for all the outstanding shares of common stock of Airgas, Inc. ("Airgas") not already owned by Air Products, subject to the terms and conditions set forth in the Offer to Purchase dated as of February 11, 2010 (the "Offer to Purchase"). The purchase price to be paid upon the successful closing of the cash tender offer is $65.50 per share in cash, without interest and less any required withholding tax, subject to the terms and conditions set forth in the Offer to Purchase, as amended. The offer is scheduled to expire at midnight, New York City time, on Friday, October 29, 2010, unless further extended in the manner set forth in the Offer to Purchase.

This communication does not constitute an offer to buy or solicitation of an offer to sell any securities. The tender offer is being made pursuant to a tender offer statement on Schedule TO (including the Offer to Purchase, a related letter of transmittal and other offer materials) filed by Air Products with the U.S. Securities and Exchange Commission (“SEC”) on February 11, 2010.INVESTORS AND SECURITY HOLDERS OF AIRGAS ARE URGED TO READ THESE AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders can obtain free copies of these documents and other documents filed with the SEC by Air Products through the web site maintained by the SEC at http://www.sec.gov. The Offer to Purchase and related materials may also be obtained for free by contacting the Information Agent for the tender offer, MacKenzie Partners, Inc., at 212-929-5500 or toll-free at 800-322-2885.

Air Products has filed a definitive proxy statement on Schedule 14A dated July 29, 2010 with the SEC in connection with the solicitation of proxies for the 2010 annual meeting of Airgas stockholders. The definitive proxy statement has been mailed to shareholders of Airgas. INVESTORS AND SECURITY HOLDERS OF AIRGAS ARE URGED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS RELATED TO THE SOLICITATION AND FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of these documents (if and when available) and other documents filed with the SEC by Air Products through the web site maintained by the SEC at http://www.sec.gov. These materials may also be obtained for free by contacting Air Products’ proxy solicitor for the 2010 Airgas annual meeting, MacKenzie Partners, Inc., at 212-929-5500 or toll-free at 800-322-2885.

CERTAIN INFORMATION REGARDING PARTICIPANTS
Air Products, Purchaser, and certain of their respective directors and executive officers and the Air Products nominees may be deemed to be participants in the proposed transaction under the rules of the SEC. Security holders may obtain information regarding the names, affiliations and interests of Air Products’ directors and executive officers in Air Products’ Annual Report on Form 10-K for the year ended September 30, 2009, which was filed with the SEC on November 25, 2009, and its proxy statement for the 2010 Annual Meeting, which was filed with the SEC on December 10, 2009; and of Purchaser’s directors and executive officers in the Offer to Purchase. Information about the Air Products nominees is included in the definitive proxy statement Air Products filed with the SEC on July 29, 2010 relating to the 2010 annual meeting of Airgas stockholders. These documents can be obtained free of charge from the sources indicated above. Additional information regarding the interests of these participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is also included in the definitive proxy statement filed by Air Products with the SEC.

FORWARD-LOOKING STATEMENTS
All statements included or incorporated by reference in this communication other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and projections about our business and industry, management’s beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as “anticipates”, “expects”, “intends”, “plans”, “predicts”, “believes”, “seeks”, “estimates”, “may”, “will”, “should”, “would”, “could”, “potential”, “continue”, “ongoing”, similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement. Important risk factors that could contribute to such differences or otherwise affect our business, results of operations and financial condition include the possibility that Air Products will not pursue a transaction with Airgas and the risk factors discussed in our Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings. The forward-looking statements in this release speak only as of the date of this filing. We undertake no obligation to revise or update publicly any forward-looking statement, except as required by law.

Air Products Increases All-Cash Offer for Airgas to $65.50 Per Share

Mon, 06 Sep 2010 00:00:00 -0400

Air Products (NYSE: APD) today announced it has increased its fully financed offer to purchase all of the outstanding shares of Airgas, Inc. (NYSE: ARG) to $65.50 per share in cash, a premium of more than 50% over the closing price of Airgas’ shares on February 4, 2010, the day before Air Products announced its proposal to acquire Airgas. At $65.50 per share, the acquisition is expected to be immediately accretive to Air Products’ earnings per share on both a GAAP and cash basis, excluding one-time costs.

John E. McGlade, Air Products chairman, president and chief executive officer, said, “We have provided Airgas shareholders with a clear path to completing a transaction, and we now need a strong mandate from the independent shareholders in electing the Air Products nominees and approving our by-law proposals at the September 15 Annual Meeting. Our increased offer delivers a premium of over 50% in cash to Airgas shareholders, removing all risks and future uncertainties. All principal closing conditions have been satisfied. After more than 10 months of delay, there is no reason for the Airgas Board to refuse to negotiate a deal with us now. We look forward to the vote of Airgas shareholders and are confident they will make the right choice and vote their GOLD proxies for three outstanding independent directors and for all our by-law proposals.”

Mr. McGlade continued, “We remain mindful of our responsibilities to Air Products’ shareholders, and we are confident that acquiring Airgas at a fair and reasonable price will create significant value for them. If the Air Products nominees are elected and our by-law proposals approved, including holding the 2011 Annual Meeting on January 15, 2011, we stand ready to begin immediate negotiations with Airgas to complete a transaction. If Airgas shareholders do not elect these three nominees and approve all of our proposals, we will conclude that shareholders do not want a sale of Airgas at this time—and we will therefore terminate our offer and move on to the many other attractive growth opportunities available to Air Products around the world.”

Air Products urges Airgas shareholders to vote the GOLD proxy card “FOR” the three Air Products nominees and “FOR” the by-law amendments today as the Airgas Annual Meeting is little more than a week away on Wednesday, September 15, 2011.

The revised offer and withdrawal rights will expire at 12:00 midnight New York City time on October 29, 2010, unless extended. Except for the price increase, all other terms and conditions of the offer remain unchanged.

Airgas’ stockholders may obtain copies of all of the offering documents free of charge at the SEC’s website (www.sec.gov) or by directing a request to MacKenzie Partners, Inc., the Information Agent for the offer, at 212-929-5500 or toll-free at 800-322-2885. Additional information about the transaction, including the offering documents, is also available at www.airproducts.com/airgasoffer.

Air Products’ financial advisors are J. P. Morgan Securities Inc. and Perella Weinberg Partners, its legal advisors are Cravath, Swaine & Moore LLP and Arnold & Porter, and its information agent is MacKenzie Partners, Inc.

Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2009, Air Products had revenues of $8.3 billion, operations in over 40 countries, and 18,900 employees around the globe. For more information, visit www.airproducts.com.

ADDITIONAL INFORMATION
On February 11, 2010, Air Products Distribution, Inc. (“Purchaser”), a wholly owned subsidiary of Air Products and Chemicals, Inc. ("Air Products"), commenced a cash tender offer for all the outstanding shares of common stock of Airgas, Inc. ("Airgas") not already owned by Air Products, subject to the terms and conditions set forth in the Offer to Purchase dated as of February 11, 2010 (the "Offer to Purchase"). The purchase price to be paid upon the successful closing of the cash tender offer is $65.50 per share in cash, without interest and less any required withholding tax, subject to the terms and conditions set forth in the Offer to Purchase, as amended. The offer is scheduled to expire at midnight, New York City time, on Friday, October 29, 2010, unless further extended in the manner set forth in the Offer to Purchase.

This communication does not constitute an offer to buy or solicitation of an offer to sell any securities. The tender offer is being made pursuant to a tender offer statement on Schedule TO (including the Offer to Purchase, a related letter of transmittal and other offer materials) filed by Air Products with the U.S. Securities and Exchange Commission (“SEC”) on February 11, 2010.INVESTORS AND SECURITY HOLDERS OF AIRGAS ARE URGED TO READ THESE AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders can obtain free copies of these documents and other documents filed with the SEC by Air Products through the web site maintained by the SEC at http://www.sec.gov. The Offer to Purchase and related materials may also be obtained for free by contacting the Information Agent for the tender offer, MacKenzie Partners, Inc., at 212-929-5500 or toll-free at 800-322-2885.

Air Products has filed a definitive proxy statement on Schedule 14A dated July 29, 2010 with the SEC in connection with the solicitation of proxies for the 2010 annual meeting of Airgas stockholders. The definitive proxy statement has been mailed to shareholders of Airgas. INVESTORS AND SECURITY HOLDERS OF AIRGAS ARE URGED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS RELATED TO THE SOLICITATION AND FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of these documents (if and when available) and other documents filed with the SEC by Air Products through the web site maintained by the SEC at http://www.sec.gov. These materials may also be obtained for free by contacting Air Products’ proxy solicitor for the 2010 Airgas annual meeting, MacKenzie Partners, Inc., at 212-929-5500 or toll-free at 800-322-2885.

CERTAIN INFORMATION REGARDING PARTICIPANTS
Air Products, Purchaser, and certain of their respective directors and executive officers and the Air Products nominees may be deemed to be participants in the proposed transaction under the rules of the SEC. Security holders may obtain information regarding the names, affiliations and interests of Air Products’ directors and executive officers in Air Products’ Annual Report on Form 10-K for the year ended September 30, 2009, which was filed with the SEC on November 25, 2009, and its proxy statement for the 2010 Annual Meeting, which was filed with the SEC on December 10, 2009; and of Purchaser’s directors and executive officers in the Offer to Purchase. Information about the Air Products nominees is included in the definitive proxy statement Air Products filed with the SEC on July 29, 2010 relating to the 2010 annual meeting of Airgas stockholders. These documents can be obtained free of charge from the sources indicated above. Additional information regarding the interests of these participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is also included in the definitive proxy statement filed by Air Products with the SEC.

FORWARD-LOOKING STATEMENTS
All statements included or incorporated by reference in this communication other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and projections about our business and industry, management’s beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as “anticipates”, “expects”, “intends”, “plans”, “predicts”, “believes”, “seeks”, “estimates”, “may”, “will”, “should”, “would”, “could”, “potential”, “continue”, “ongoing”, similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement. Important risk factors that could contribute to such differences or otherwise affect our business, results of operations and financial condition include the possibility that Air Products will not pursue a transaction with Airgas and the risk factors discussed in our Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings. The forward-looking statements in this release speak only as of the date of this filing. We undertake no obligation to revise or update publicly any forward-looking statement, except as required by law.

Media Inquiries:
(Sard Verbinnen & Co)
George Sard
Tel: (212) 687-8080

David Reno
Tel: (212) 687-8080

Investor Inquiries:
(MacKenzie Partners)
Dan Burch
Tel: (516) 429-2721

Larry Dennedy
Tel: (917) 658-2478

Charlie Koons
Tel: (917) 545-4523

Air Products Comments on Airgas’ Latest Delaying Tactics

Mon, 30 Aug 2010 00:00:00 -0400

Air Products (NYSE: APD) issued the following statement regarding the latest attempts by Airgas, Inc. (NYSE: ARG) to delay any shareholder referendum on Air Products’ offer for the company.

“After 10 months of stonewalling, the Airgas Board remains determined to use any and all means to avoid a referendum on Air Products’ offer. Rather than accept a vote by Airgas shareholders to hold a 2011 Annual Meeting in January, the Airgas Board is desperately pursuing a two-track entrenchment strategy – ask shareholders to wait until June 2011 to hold the Airgas Board accountable, and sue to invalidate the September 15 vote if shareholders demand accountability now. Air Products has given Airgas shareholders a clear path to receive a substantial premium now – there is no need for further delaying a sale of Airgas.”

Air Products also today submitted a response in Delaware Chancery Court to Airgas’ letter to the Court last week, in which Airgas said that it will seek to invalidate any affirmative decision by a majority of Airgas shareholders to approve adoption of a new by-law at the September 15 Airgas Annual Meeting requiring Airgas to hold its next annual meeting in January 2011.

Air Products urges Airgas’ shareholders to reject the continuing delaying tactics of the Airgas Board and to vote their GOLD proxy card ‘FOR’ the three highly qualified nominees proposed by Air Products and ‘FOR’ the by-law amendments at the September 15 Airgas Annual Meeting.

Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2009, Air Products had revenues of $8.3 billion, operations in over 40 countries, and 18,900 employees around the globe. For more information, visit www.airproducts.com.

ADDITIONAL INFORMATION
On February 11, 2010, Air Products Distribution, Inc. (“Purchaser”), a wholly owned subsidiary of Air Products and Chemicals, Inc. ("Air Products"), commenced a cash tender offer for all the outstanding shares of common stock of Airgas, Inc. ("Airgas") not already owned by Air Products, subject to the terms and conditions set forth in the Offer to Purchase dated as of February 11, 2010 (the "Offer to Purchase"). The purchase price to be paid upon the successful closing of the cash tender offer is $63.50 per share in cash, without interest and less any required withholding tax, subject to the terms and conditions set forth in the Offer to Purchase, as amended. The offer is scheduled to expire at midnight, New York City time, on Friday, October 29, 2010, unless further extended in the manner set forth in the Offer to Purchase.

This communication does not constitute an offer to buy or solicitation of an offer to sell any securities. The tender offer is being made pursuant to a tender offer statement on Schedule TO (including the Offer to Purchase, a related letter of transmittal and other offer materials) filed by Air Products with the U.S. Securities and Exchange Commission (“SEC”) on February 11, 2010. INVESTORS AND SECURITY HOLDERS OF AIRGAS ARE URGED TO READ THESE AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders can obtain free copies of these documents and other documents filed with the SEC by Air Products through the web site maintained by the SEC at http://www.sec.gov. The Offer to Purchase and related materials may also be obtained for free by contacting the Information Agent for the tender offer, MacKenzie Partners, Inc., at 212-929-5500 or toll-free at 800-322-2885.

Air Products has filed a definitive proxy statement on Schedule 14A dated July 29, 2010 with the SEC in connection with the solicitation of proxies for the 2010 annual meeting of Airgas stockholders. The definitive proxy statement has been mailed to shareholders of Airgas. INVESTORS AND SECURITY HOLDERS OF AIRGAS ARE URGED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS RELATED TO THE SOLICITATION AND FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of these documents (if and when available) and other documents filed with the SEC by Air Products through the web site maintained by the SEC at http://www.sec.gov. These materials may also be obtained for free by contacting Air Products’ proxy solicitor for the 2010 Airgas annual meeting, MacKenzie Partners, Inc., at 212-929-5500 or toll-free at 800-322-2885.

CERTAIN INFORMATION REGARDING PARTICIPANTS
Air Products, Purchaser, and certain of their respective directors and executive officers and the Air Products nominees may be deemed to be participants in the proposed transaction under the rules of the SEC. Security holders may obtain information regarding the names, affiliations and interests of Air Products’ directors and executive officers in Air Products’ Annual Report on Form 10-K for the year ended September 30, 2009, which was filed with the SEC on November 25, 2009, and its proxy statement for the 2010 Annual Meeting, which was filed with the SEC on December 10, 2009; and of Purchaser’s directors and executive officers in the Offer to Purchase. Information about the Air Products nominees is included in the definitive proxy statement Air Products filed with the SEC on July 29, 2010 relating to the 2010 annual meeting of Airgas stockholders. These documents can be obtained free of charge from the sources indicated above. Additional information regarding the interests of these participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is also included in the definitive proxy statement filed by Air Products with the SEC.

FORWARD-LOOKING STATEMENTS
All statements included or incorporated by reference in this communication other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and projections about our business and industry, management’s beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as “anticipates”, “expects”, “intends”, “plans”, “predicts”, “believes”, “seeks”, “estimates”, “may”, “will”, “should”, “would”, “could”, “potential”, “continue”, “ongoing”, similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement. Important risk factors that could contribute to such differences or otherwise affect our business, results of operations and financial condition include the possibility that Air Products will not pursue a transaction with Airgas and the risk factors discussed in our Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings. The forward-looking statements in this release speak only as of the date of this filing. We undertake no obligation to revise or update publicly any forward-looking statement, except as required by law.

Media Inquiries:
(Sard Verbinnen & Co)
George Sard/David Reno
tel: (212) 687-8080

Investor Inquiries:
(MacKenzie Partners)
Larry Dennedy/Charlie Koons
tel: (212) 929-5239; (212) 929-5708

Air Products Issues Statement Regarding Airgas’ Request That Delaware Court Reject Valid By-law Amendment Regardless of Shareholder Vote

Thu, 26 Aug 2010 00:00:00 -0400

Air Products (NYSE: APD) today issued the following statement in response to a letter submitted today by Airgas (NYSE: ARG) to the Delaware Chancery Court. In the letter, Airgas stated that it intends to seek to invalidate any affirmative decision by a majority of Airgas shareholders to approve adoption of a new by-law at the September 15 Airgas Annual Meeting requiring Airgas to hold its next annual meeting in January 2011, and requests that the Court resolve the issue on an expedited basis should a majority of shareholders vote in favor of the by-law.

“Airgas’ request today for the Delaware Chancery Court to rule against the will of a majority of its shareholders reveals the Airgas Board’s disdain for shareholders’ interests. This request is a tactic to use the Delaware Chancery Court to intimidate shareholders into voting against Air Products’ valid by-law amendment—it is well-settled that the Delaware Chancery Court will make itself available on an expedited basis and will not decide on the validity of by-laws prior to a shareholder vote. Airgas has also made it clear that it intends to use the courts to attempt to circumvent the will of the majority of its shareholders. Air Products agrees that any challenge Airgas may bring against its valid by-law amendment should be decided promptly after the Airgas September 15 Annual Meeting. We are confident that a majority of the Airgas shareholders can determine the date of the next Airgas annual meeting.

“Today’s request by Airgas is simply another in a long line of increasingly desperate tactics adopted by the Airgas Board in an attempt to remain entrenched and thwart Air Products’ premium, all-cash offer for the company. We believe these tactics have recently included private communications to select Airgas shareholders regarding promises of a potential sale or auction of the company at some point well in the future in exchange for voting against Air Products’ January 2011 annual meeting by-law.

“Air Products will promptly issue a full reply to the Delaware Chancery Court regarding Airgas’ latest tactic.

“Air Products urges Airgas’ shareholders to reject these tactics of the Airgas Board and management, and to vote their GOLD proxy card “FOR” the three highly qualified Air Products nominees and “FOR” the by-law amendments at the September 15 Airgas Annual Meeting.”

Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2009, Air Products had revenues of $8.3 billion, operations in over 40 countries, and 18,900 employees around the globe. For more information, visit www.airproducts.com.

ADDITIONAL INFORMATION
On February 11, 2010, Air Products Distribution, Inc. (“Purchaser”), a wholly owned subsidiary of Air Products and Chemicals, Inc. ("Air Products"), commenced a cash tender offer for all the outstanding shares of common stock of Airgas, Inc. ("Airgas") not already owned by Air Products, subject to the terms and conditions set forth in the Offer to Purchase dated as of February 11, 2010 (the "Offer to Purchase"). The purchase price to be paid upon the successful closing of the cash tender offer is $63.50 per share in cash, without interest and less any required withholding tax, subject to the terms and conditions set forth in the Offer to Purchase, as amended. The offer is scheduled to expire at midnight, New York City time, on Friday, October 29, 2010, unless further extended in the manner set forth in the Offer to Purchase.

This communication does not constitute an offer to buy or solicitation of an offer to sell any securities. The tender offer is being made pursuant to a tender offer statement on Schedule TO (including the Offer to Purchase, a related letter of transmittal and other offer materials) filed by Air Products with the U.S. Securities and Exchange Commission (“SEC”) on February 11, 2010.INVESTORS AND SECURITY HOLDERS OF AIRGAS ARE URGED TO READ THESE AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders can obtain free copies of these documents and other documents filed with the SEC by Air Products through the web site maintained by the SEC at http://www.sec.gov. The Offer to Purchase and related materials may also be obtained for free by contacting the Information Agent for the tender offer, MacKenzie Partners, Inc., at 212-929-5500 or toll-free at 800-322-2885.

Air Products has filed a definitive proxy statement on Schedule 14A dated July 29, 2010 with the SEC in connection with the solicitation of proxies for the 2010 annual meeting of Airgas stockholders. The definitive proxy statement has been mailed to shareholders of Airgas. INVESTORS AND SECURITY HOLDERS OF AIRGAS ARE URGED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS RELATED TO THE SOLICITATION AND FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of these documents (if and when available) and other documents filed with the SEC by Air Products through the web site maintained by the SEC at http://www.sec.gov. These materials may also be obtained for free by contacting Air Products’ proxy solicitor for the 2010 Airgas annual meeting, MacKenzie Partners, Inc., at 212-929-5500 or toll-free at 800-322-2885.

CERTAIN INFORMATION REGARDING PARTICIPANTS
Air Products, Purchaser, and certain of their respective directors and executive officers and the Air Products nominees may be deemed to be participants in the proposed transaction under the rules of the SEC. Security holders may obtain information regarding the names, affiliations and interests of Air Products’ directors and executive officers in Air Products’ Annual Report on Form 10-K for the year ended September 30, 2009, which was filed with the SEC on November 25, 2009, and its proxy statement for the 2010 Annual Meeting, which was filed with the SEC on December 10, 2009; and of Purchaser’s directors and executive officers in the Offer to Purchase. Information about the Air Products nominees is included in the definitive proxy statement Air Products filed with the SEC on July 29, 2010 relating to the 2010 annual meeting of Airgas stockholders. These documents can be obtained free of charge from the sources indicated above. Additional information regarding the interests of these participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is also included in the definitive proxy statement filed by Air Products with the SEC.

FORWARD-LOOKING STATEMENTS
All statements included or incorporated by reference in this communication other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and projections about our business and industry, management’s beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as “anticipates”, “expects”, “intends”, “plans”, “predicts”, “believes”, “seeks”, “estimates”, “may”, “will”, “should”, “would”, “could”, “potential”, “continue”, “ongoing”, similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement. Important risk factors that could contribute to such differences or otherwise affect our business, results of operations and financial condition include the possibility that Air Products will not pursue a transaction with Airgas and the risk factors discussed in our Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings. The forward-looking statements in this release speak only as of the date of this filing. We undertake no obligation to revise or update publicly any forward-looking statement, except as required by law.

Air Products Files Hart-Scott-Rodino Notification for Acquisition of Airgas

Tue, 24 Aug 2010 00:00:00 -0400

Air Products (NYSE: APD) today announced it has filed notification with the Federal Trade Commission (“FTC”) as required under the Hart-Scott-Rodino Antitrust Improvement Act of 1976 for the acquisition of Airgas (NYSE: ARG). The HSR waiting period will expire on September 8, 2010 unless earlier terminated by the FTC.

On August 16, 2010, Air Products announced it had reached an agreement with the Staff of the FTC on the terms of a Consent Decree for the acquisition of Airgas. The Consent Decree would permit Air Products to acquire Airgas subject to the divestiture of certain assets and would also permit, for a period of time, the closing of the acquisition prior to completion of the divestiture. The assets to be divested relate primarily to Airgas’ liquid bulk and on-site supply of atmospheric gases, including production and related assets. Air Products has signed the Consent Decree, which is subject to review and approval by the Commissioners of the FTC.

Upon termination of the HSR waiting period, Air Products will have satisfied the principal conditions to completing a transaction with Airgas, and there will remain no substantive impediments to closing immediately other than the intransigence of the Airgas Board.

The next step for Airgas shareholders to complete a transaction is to elect the three highly qualified independent directors nominated by Air Products and approve its other proposals at the 2010 Airgas Annual Meeting on September 15, 2010.

Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2009, Air Products had revenues of $8.3 billion, operations in over 40 countries, and 18,900 employees around the globe. For more information, visit www.airproducts.com.

ADDITIONAL INFORMATION
On February 11, 2010, Air Products Distribution, Inc. (“Purchaser”), a wholly owned subsidiary of Air Products and Chemicals, Inc. ("Air Products"), commenced a cash tender offer for all the outstanding shares of common stock of Airgas, Inc. ("Airgas") not already owned by Air Products, subject to the terms and conditions set forth in the Offer to Purchase dated as of February 11, 2010 (the "Offer to Purchase"). The purchase price to be paid upon the successful closing of the cash tender offer is $63.50 per share in cash, without interest and less any required withholding tax, subject to the terms and conditions set forth in the Offer to Purchase, as amended. The offer is scheduled to expire at midnight, New York City time, on Friday, October 29, 2010, unless further extended in the manner set forth in the Offer to Purchase.

This communication does not constitute an offer to buy or solicitation of an offer to sell any securities. The tender offer is being made pursuant to a tender offer statement on Schedule TO (including the Offer to Purchase, a related letter of transmittal and other offer materials) filed by Air Products with the U.S. Securities and Exchange Commission (“SEC”) on February 11, 2010.INVESTORS AND SECURITY HOLDERS OF AIRGAS ARE URGED TO READ THESE AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders can obtain free copies of these documents and other documents filed with the SEC by Air Products through the web site maintained by the SEC at http://www.sec.gov. The Offer to Purchase and related materials may also be obtained for free by contacting the Information Agent for the tender offer, MacKenzie Partners, Inc., at 212-929-5500 or toll-free at 800-322-2885.

Air Products has filed a definitive proxy statement on Schedule 14A dated July 29, 2010 with the SEC in connection with the solicitation of proxies for the 2010 annual meeting of Airgas stockholders. The definitive proxy statement has been mailed to shareholders of Airgas. INVESTORS AND SECURITY HOLDERS OF AIRGAS ARE URGED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS RELATED TO THE SOLICITATION AND FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of these documents (if and when available) and other documents filed with the SEC by Air Products through the web site maintained by the SEC at http://www.sec.gov. These materials may also be obtained for free by contacting Air Products’ proxy solicitor for the 2010 Airgas annual meeting, MacKenzie Partners, Inc., at 212-929-5500 or toll-free at 800-322-2885.

CERTAIN INFORMATION REGARDING PARTICIPANTS
Air Products, Purchaser, and certain of their respective directors and executive officers and the Air Products nominees may be deemed to be participants in the proposed transaction under the rules of the SEC. Security holders may obtain information regarding the names, affiliations and interests of Air Products’ directors and executive officers in Air Products’ Annual Report on Form 10-K for the year ended September 30, 2009, which was filed with the SEC on November 25, 2009, and its proxy statement for the 2010 Annual Meeting, which was filed with the SEC on December 10, 2009; and of Purchaser’s directors and executive officers in the Offer to Purchase. Information about the Air Products nominees is included in the definitive proxy statement Air Products filed with the SEC on July 29, 2010 relating to the 2010 annual meeting of Airgas stockholders. These documents can be obtained free of charge from the sources indicated above. Additional information regarding the interests of these participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is also included in the definitive proxy statement filed by Air Products with the SEC.

FORWARD-LOOKING STATEMENTS
All statements included or incorporated by reference in this communication other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and projections about our business and industry, management’s beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as “anticipates”, “expects”, “intends”, “plans”, “predicts”, “believes”, “seeks”, “estimates”, “may”, “will”, “should”, “would”, “could”, “potential”, “continue”, “ongoing”, similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement. Important risk factors that could contribute to such differences or otherwise affect our business, results of operations and financial condition include the possibility that Air Products will not pursue a transaction with Airgas and the risk factors discussed in our Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings. The forward-looking statements in this release speak only as of the date of this filing. We undertake no obligation to revise or update publicly any forward-looking statement, except as required by law.

Air Products Sends Letter to Airgas Board of Directors

Thu, 19 Aug 2010 00:00:00 -0400

Air Products (NYSE: APD) today sent the following letter to the Airgas (NYSE: ARG) Board of Directors:

19 August 2010

Board of Directors
Airgas, Inc.
259 North Radnor-Chester Road
Suite 100
Radnor, PA 19087-5285

Directors:

As the September 15 Annual Meeting approaches, we believe Airgas shareholders will judge the credibility of the incumbent Board in discharging its fiduciary duty of candor to shareholders.

The Airgas statements below are just a few of many which speak directly to the candor of the Board with shareholders and the credibility of its objections to our offer. Airgas has continually suggested that shareholders’ realization of value will be delayed—but with our fully financed all-cash offer, and our execution of a Consent Decree with the Staff of the Federal Trade Commission, any further delay in completing this transaction is due solely to the Airgas Board.

On Regulatory Approval:

Then…

“[Air Products] ignores . . . the regulatory issues that . . . would slow the process considerably.”
     Letter from Peter McCausland to John McGlade, December 8, 2009

“[R]egulatory concerns . . . create significant uncertainty as to when—if ever—Airgas stockholders would receive consideration under the Offer.”
     Airgas 14D-9, February 22, 2010

“[The] regulatory risks are significant.”
     Airgas Revised Preliminary Proxy Statement, July 8, 2010

“[T]he antitrust regulatory authorities would be likely to require in connection with any approval that Air Products agree to divest substantial assets or businesses . . . . The timing of any such approval . . . impose[s] uncertainty . . . .”
     Airgas 14D-9, July 21, 2010

Now…

Air Products’ Consent Decree was “widely anticipated.”
     Airgas Press Release, August 16, 2010

On Timing:

Then…

“The offer is highly uncertain and any payments made to Airgas stockholders would be considerably deferred.”
     Airgas Press Release, February 22, 2010

“[A]ny comparison of the ‘current’ value which Air Products claims to be offering . . . must take into account . . . the time value of money . . . .”
     Airgas 14D-9, February 22, 2010

“[T]he Offer is highly uncertain and would require a significant amount of time to complete, even under the most favorable circumstances.”
     Airgas 14D-9, July 21, 2010

Now…

Air Products has agreed with the Staff of the Federal Trade Commission on a consent decree that would resolve any regulatory issues. The only remaining hurdles to prompt completion of the offer are within the control of the Airgas Board.

Airgas Board’s response: None

For more than 10 months, Air Products has attempted to engage the Airgas Board in discussions. We have proceeded with our offer because of the undeniable logic of this combination, with its clear benefits for the shareholders, customers, and employees of both companies.

On September 15, your shareholders have an important decision to make—one we believe will be heavily influenced by their judgment of whether the incumbent Airgas Board has been honest with them and is acting in their interests by refusing to negotiate with Air Products. We urge you once again to reconsider your position with respect to our offer.

Very truly yours,
John E. McGlade

Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2009, Air Products had revenues of $8.3 billion, operations in over 40 countries, and 18,900 employees around the globe. For more information, visit www.airproducts.com.

ADDITIONAL INFORMATION
On February 11, 2010, Air Products Distribution, Inc. (“Purchaser”), a wholly owned subsidiary of Air Products and Chemicals, Inc. ("Air Products"), commenced a cash tender offer for all the outstanding shares of common stock of Airgas, Inc. ("Airgas") not already owned by Air Products, subject to the terms and conditions set forth in the Offer to Purchase dated as of February 11, 2010 (the "Offer to Purchase"). The purchase price to be paid upon the successful closing of the cash tender offer is $63.50 per share in cash, without interest and less any required withholding tax, subject to the terms and conditions set forth in the Offer to Purchase, as amended. The offer is scheduled to expire at midnight, New York City time, on Friday, October 29, 2010, unless further extended in the manner set forth in the Offer to Purchase.

This communication does not constitute an offer to buy or solicitation of an offer to sell any securities. The tender offer is being made pursuant to a tender offer statement on Schedule TO (including the Offer to Purchase, a related letter of transmittal and other offer materials) filed by Air Products with the U.S. Securities and Exchange Commission (“SEC”) on February 11, 2010.INVESTORS AND SECURITY HOLDERS OF AIRGAS ARE URGED TO READ THESE AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders can obtain free copies of these documents and other documents filed with the SEC by Air Products through the web site maintained by the SEC at http://www.sec.gov. The Offer to Purchase and related materials may also be obtained for free by contacting the Information Agent for the tender offer, MacKenzie Partners, Inc., at 212-929-5500 or toll-free at 800-322-2885.

Air Products has filed a definitive proxy statement on Schedule 14A dated July 29, 2010 with the SEC in connection with the solicitation of proxies for the 2010 annual meeting of Airgas stockholders. The definitive proxy statement has been mailed to shareholders of Airgas. INVESTORS AND SECURITY HOLDERS OF AIRGAS ARE URGED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS RELATED TO THE SOLICITATION AND FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of these documents (if and when available) and other documents filed with the SEC by Air Products through the web site maintained by the SEC at http://www.sec.gov. These materials may also be obtained for free by contacting Air Products’ proxy solicitor for the 2010 Airgas annual meeting, MacKenzie Partners, Inc., at 212-929-5500 or toll-free at 800-322-2885.

CERTAIN INFORMATION REGARDING PARTICIPANTS
Air Products, Purchaser, and certain of their respective directors and executive officers and the Air Products nominees may be deemed to be participants in the proposed transaction under the rules of the SEC. Security holders may obtain information regarding the names, affiliations and interests of Air Products’ directors and executive officers in Air Products’ Annual Report on Form 10-K for the year ended September 30, 2009, which was filed with the SEC on November 25, 2009, and its proxy statement for the 2010 Annual Meeting, which was filed with the SEC on December 10, 2009; and of Purchaser’s directors and executive officers in the Offer to Purchase. Information about the Air Products nominees is included in the definitive proxy statement Air Products filed with the SEC on July 29, 2010 relating to the 2010 annual meeting of Airgas stockholders. These documents can be obtained free of charge from the sources indicated above. Additional information regarding the interests of these participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is also included in the definitive proxy statement filed by Air Products with the SEC.

FORWARD-LOOKING STATEMENTS
All statements included or incorporated by reference in this communication other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and projections about our business and industry, management’s beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as “anticipates”, “expects”, “intends”, “plans”, “predicts”, “believes”, “seeks”, “estimates”, “may”, “will”, “should”, “would”, “could”, “potential”, “continue”, “ongoing”, similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement. Important risk factors that could contribute to such differences or otherwise affect our business, results of operations and financial condition include the possibility that Air Products will not pursue a transaction with Airgas and the risk factors discussed in our Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings. The forward-looking statements in this release speak only as of the date of this filing. We undertake no obligation to revise or update publicly any forward-looking statement, except as required by law.

Media Inquiries:
(Sard Verbinnen & Co)
George Sard / David Reno
Tel: (212) 687-8080

Investor Inquiries:
(MacKenzie Partners)
Larry Dennedy / Charlie Koons
Tel: (212) 929-5239 / (212) 929-5708