Air Products sells performance materials division

LNG equipment provider Air Products on Friday said it has entered a definitive agreement to sell its performance materials division of its material technologies segment to Evonik Industries for US$3.8 billion.

The sale is expected to close before the end of this year, Air Products said in its statement.

Under the terms of the agreement, operational facilities, supplier contracts, labs, contracts, customers, and employees and certain legal entities associated with PMD would transfer to Evonik.

Additionally, Air Products is looking to spin-off its electronic materials division as a separate public company named Versum Materials. The separation is expected to happen by the end of September 2016.

LNG World News Staff