02 October 2006 14:58 [Source: ICIS news]
HOUSTON (ICIS news)--Air Products said in a statement on Monday that it will take charges of 32-37 cents/share in the fourth quarter of fiscal 2006 due to the sale of its amines business and its recently announced corporate reorganization and streamlining.
Air Products completed the $310m (€242m) sale of its amines business to Belgian company Taminco on Monday.
It said about half of the charges were related to the Amines business sale, including severance and other costs such as ongoing contractual obligations and contract terminations, and the rest are due to the reorganization and streamlining.
The company planned to provide details on the restructuring charges and amines sale when it reports fourth quarter earnings on 25 October.
“We are committed to making Air Products more focused and less cyclical. Our announced organizational changes and streamlining of our management structure, coupled with the sale of our amines business, will enable us to sharpen our focus on growth and produce higher returns on capital,” said John Jones, Air Products’ chairman and chief executive.
"We anticipate that the sale of our polymers business in 2007 will further contribute to these goals."
Allentown, Pennsylvania-based Air Products produces atmospheric gases, process and specialty gases, performance materials and chemical intermediates. Revenues were $8.1bn in 2005.
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