Air Products Announces Completion of Current Share Repurchase Program; Board of Directors Authorizes New $1 Billion Share Repurchase Program

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Sep 19, 2011, 04:05 ET

LEHIGH VALLEY, Pa., Sept. 19, 2011 /PRNewswire/ -- Air Products (NYSE: APD) announced today the completion of its current $1 billion share repurchase program with the repurchase of $299 million shares of stock this quarter. Overall, for the year, Air Products has repurchased $649 million of stock.

Air Products also announced that its Board of Directors authorized a new $1 billion share repurchase program. The Board action will allow the company the flexibility to repurchase shares at its discretion, while maintaining sufficient funds for investing in growth opportunities.

"The latest share repurchase authorization reflects Air Products' financial strength and shareholder focus," said John E. McGlade, chairman, president and chief executive officer, Air Products. "Our first priority remains to invest in the attractive growth opportunities that support our 2015 goals. We are fortunate that our strong financial position also allows us to reward shareholders through share repurchases and 29 consecutive years of dividend increases. We remain focused on maximizing returns for our shareholders while maintaining our strong credit rating."

Last week, the Board of Directors also declared a quarterly dividend of 58 cents per share of common stock. The dividend is payable on November 14, 2011 to shareholders of record at the close of business on October 3, 2011. As of August 31, 2011, Air Products had 209,981,230 shares outstanding.

Air Products (NYSE: APD) 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. In fiscal 2010, Air Products had revenues of $9 billion, operations in over 40 countries, and 18,300 employees around the globe. For more information, visit www.airproducts.com.

***NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company's Form 10K for its fiscal year ended September 30, 2010.

SOURCE Air Products