23 July 2008 03:24 [Source: ICIS news]
HOUSTON (ICIS news)--Air Products plans to sell its US Healthcare business and will record a $315m (€198m) impairment charge in its third-quarter financial results, the company said on Tuesday.
Pennsylvania-based Air Products said it attempted to improve the business beginning in 2007 but it continued to under perform during 2008.
“Based on a review of the market and competitive conditions, the company determined that the US Healthcare business no longer fits its business portfolio,” Air Products said in a press release.
“Unfortunately, despite progress in a number of areas, the US business is still not meeting expectations, Air Products chairman, president and CEO John McGlade said, adding “At this time, we believe the decision to sell this business is in the best interest of our shareholders.”
McGlade added, “This in no way affects our healthcare operations outside of the ?xml:namespace>
The company said it plans to report the US Healthcare business as a discontinued operation beginning in the fiscal fourth quarter and will continue to operate and serve patients until the business is acquired by a new owner.
Air Products said it is talking with potential buyers.
Air Products is also announced it has reached a preliminary agreement to sell its US Healthcare businesses in the metropolitan
Air Products has been in the
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