Air Products & Chemicals sells 3 businesses
Monday May 18, 2009, 3:17 pm EDT

Air Products & Chemicals sells 3 health care businesses as it exits industry

LEHIGH VALLEY, Pa. (AP) -- Air Products & Chemicals Inc., which supplies oxygen and other gases to the industrial and medical sectors, said Monday it has sold three of its U.S. health care businesses.

The Lehigh Valley, Pa., company, which is exiting the U.S. health care industry, said it sold the three businesses to Landauer-Metropolitan Inc., a provider of medical equipment, respiratory and infusion services in the Northeast.

Terms of the deal were not disclosed.

The sale includes Air Products' ownership interests in some companies previously operated as part of Air Products Healthcare LLC. The companies are Genox Homecare, which serves Connecticut; Mid-Atlantic Healthcare, which serves Maryland, Washington D.C., and northern Virginia; and Young's Medical Equipment for eastern and central Pennsylvania and New Jersey.

About 220 employees, 15 locations and more than 36,000 patients are associated with the businesses.

Air Products completed the sale of two other U.S. healthcare businesses to LMI last September.

Earlier this month, Air Products announced the sale of its U.S. home infusion therapy services business and some of its respiratory and home medical equipment business. The company said it expects to sell its remaining U.S. health care businesses by the end of its fiscal year in September.

Shares rose $2.68 or 4 percent, to $64.27 in afternoon trading.

Source: Associated Press

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