Air Products to Name Materials Technologies Business Spin-Off Versum Materials
Versum Materials has been selected as the new company name for the Materials Technologies business of Air Products. Air Products announced plans for a tax-free spin-off of this business to U.S. shareholders on or before September 2016.
Derived from the Latin word for “toward,” the name “Versum” reportedly symbolizes the new company’s ability to continuously move toward materials and provide cutting-edge solutions and innovation. The name also represents the company’s critical role in helping customers advance their products and businesses by providing market-leading technology, innovation and reliable service.
“This is an exciting time as these Materials Technologies market-leading businesses move closer to becoming a separate publicly-owned and traded company with a distinct identity, brand and purpose,” said Seifi Ghasemi, chairman, president and CEO. “Once complete, this separation will provide our new shareholders with ownership in two leading and focused companies while offering the opportunity to value our Industrial Gases and Materials Technologies businesses independently.” Upon completion of the separation, Ghasemi will continue his role with Air Products and also become the non-executive chairman of Versum Materials.
For more information, visit www.airproducts.com.