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Exhibit 99.1
News Release
Air Products and Chemicals,
Inc.
7201 Hamilton Boulevard
Allentown, PA 18195-1501
Air Products to Sell Interest in Polymers
Joint Ventures to Wacker
Portfolio Management
Move Continues Focus on Strengthening Growth Businesses
LEHIGH
VALLEY, Pa., (December 11, 2007) – Air Products (NYSE:
APD) today announced it has signed a definitive agreement to sell
its interest in its vinyl acetate ethylene (VAE) polymers
joint ventures to Wacker Chemie AG, its long-time joint venture
partner. As part of the agreement, Air Products will receive full
ownership in the Elkton, Md., and Piedmont, S.C., production
facilities and their related businesses plus cash considerations of
$265 million. The sale is part of Air Products’
previously announced portfolio management activities intended to
make the company a more focused, less cyclical and higher growth
company.
“We
are pleased to have reached an agreement to sell our interest in
our polymers joint venture to our long-time partner, Wacker
Chemie,” said John McGlade, Air Products’ president and
CEO. “They recognize the strategic value of the business, its
high quality assets and its outstanding team of
employees.”
The sale
consists of the global VAE polymers operations including production
facilities located in Calvert City, Ky.; South Brunswick, N.J.;
Cologne, Germany; and Ulsan, Korea; and commercial and research
capabilities in Lehigh Valley, Pa., and Burghausen, Germany. The
business produces VAE for use in adhesives, paints and coatings,
paper and carpet applications. There are approximately 430
employees directly associated with this business. These employees
will be offered employment with Wacker, which intends to
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