Reorganization Hits Air Products

Following completion of the sale of its amines business and as a result of its earlier-announced reorganization and streamlining initiatives, Air Products & Chemicals will record charges of between 32 and 37 cents per share in the fourth quarter of its fiscal year, which ended on Sept. 30.

About half of the charges are related to the sale of the amines business to methylamines specialist Taminco, the company says. Included are severance costs and contract terminations. The sale of the unit, for $211 million, was completed on Oct. 2. The remainder of the charge is related to the company???s restructuring.

Air Products says it will provide final details on the restructuring charges when it reports fourth-quarter and fiscal 2006 full-year results at the end of this month. The company will also restate its results to show its new business segments: tonnage gases, merchant gases, electronics and performance materials, health care, equipment and energy, and chemicals. The chemicals segment includes urethane intermediates and polymers; the company has already announced that it plans to sell the polymers operations in 2007.