Air Products in Advanced Discussions With Wacker Over Polymers Business
Tuesday November 6, 5:30 pm ET
Portfolio Management Move Continues Focus on Growth Businesses
LEHIGH VALLEY, Pa., Nov. 6 /PRNewswire-FirstCall/ -- Air Products and Wacker Chemie AG are in advanced discussions over Wacker's purchase of Air Products' shareholdings in their two joint ventures, Wacker Polymer Systems (WPS) and Air Products Polymers (APP), including APP's vinyl acetate-ethylene activities. Air Products holds 65 percent of APP and Wacker 35 percent. As for WPS, Wacker owns 80 percent and Air Products 20 percent.
Air Products announced its intention to sell its WPS and APP shareholdings in March 2006. The planned transaction is still subject, among other matters, to concluding final, definitive agreements and approval by Wacker's and Air Products' respective supervisory bodies.
APP is a global leader in sales and technology for vinyl acetate-ethylene (VAE) emulsions. VAE emulsions are an important precursor for dispersible powders, as well as adhesives, coatings, nonwovens, cement additives and sealants. WPS is mainly active in dispersible polymer powders.
Air Products serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. Air Products has annual revenues of $10 billion, operations in over 40 countries, and 22,000 employees around the globe.
Source: Air Products
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