Air Products Completes Sale of Geismar Facility to BASF Corporation

Air Products has completed the sale of its dinitrotoluene (DNT) production facility in Geismar, La. to BASF Corporation for $155 million on March 31. Air Products had announced the planned sale on March 22 as part of its Polyurethane Intermediates business restructuring.

The plant is located at BASF's major manufacturing site in Geismar. The Air Products industrial gas facilities at this same location are not included in this proposed transaction and will continue to produce and supply hydrogen, carbon monoxide and syngas for BASF and other customers. This transaction does not include Air Products' Pasadena, Texas polyurethane intermediates facility, which continues to operate.

On March 22, Air Products also announced it is exploring the sale of its Amines and Polymers businesses, and was acquiring specialty surfactants producer Tomah3 Products, of Milton, Wis., to enhance its Performance Materials business. The Tomah acquisition was completed on March 31.

Combined, these actions will enable the company to further sharpen its focus on its four growth platforms: Energy and Process Industries, Electronics, Homecare, and Performance Materials, as well as its position in the Asia region.

The company also announced it was accelerating its return of cash to shareholders through a $1.5 billion share repurchase program and increased its quarterly dividend from $0.32 to $0.34. The dividend is payable on May 8, 2006 to shareholders of record at the close of business on April 3, 2006.

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Posted 07/04/06

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