Air Products' Electronic Materials Division Spin-off Company, Versum Materials, Announces Board of Directors

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Sep 01, 2016, 03:00 ET

LEHIGH VALLEY, Pa., Sept. 1, 2016 /PRNewswire/ -- Versum Materials, Inc., the planned Electronic Materials Division spin-off company from Air Products (NYSE: APD), today announced the proposed members of its Board of Directors. The Versum Board is expected to include:

Seifi Ghasemi, Versum's non-executive Chairman, who also remains Air Products' chairman, president and chief executive officer;

Jacques Croisetiere, who brings extensive experience as the former chief financial officer of Rohm & Haas Company and Bacardi Limited;

Guillermo Novo, who will be the president and chief executive officer of Versum, and who has more than 30 years in the specialty chemicals and materials businesses with Rohm & Haas Company and The Dow Chemical Company;

Yi Hyon Paik, who has more than 26 years of technology and business experience in the electronic materials industry and has led the Electronic Materials business of Rohm & Haas Company;

Thomas J. Riordan, who has more than 30 years of experience in the specialty chemicals industry, including 15 years at Rockwood Holdings, Inc. as its chief legal and administrative officer;

Susan C. Schnabel, who has extensive experience in private equity investment, including with DLJ Merchant Partners, and is co-founder of aPriori Capital Partners; and

Ambassador Alejandro Wolff, who has more than 30 years of government service in the Department of State, including serving as the U.S. Ambassador to Chile.

"The Versum Board brings extensive experience in specialty materials companies, as well as technical, finance, private equity and international government affairs expertise," said Guillermo Novo, who will be Versum's chief executive officer. "With their diverse backgrounds and range of leadership roles, these are high caliber individuals who, working with our experienced management team, can help Versum drive shareholder value and fulfill our goal of being the premier specialty materials provider to the semiconductor industry," he said.

The Company filed its most recent Form 10 amendment on August 26, 2016, which includes additional background on Versum's proposed Board. For additional information, please visit the Versum microsite.

About Versum Materials
With $1 billion in sales in fiscal 2015, Versum Materials has approximately 1,900 employees, 14 manufacturing and six research and development facilities in the Americas and Asia. Versum Materials is comprised of two primary business segments, Materials (74% of fiscal 2015 revenues) and Delivery Systems and Services (26% of fiscal 2015 revenues). It participates in six of seven key semiconductor process steps, supplying high purity specialty process gas, cleaners and etchants, slurries, organosilanes and organometallics deposition films, and equipment.

About Air Products
Air Products (NYSE:APD) is a world-leading Industrial Gases company celebrating 75 years of operation. The company's core Industrial Gases business provides atmospheric and process gases and related equipment to manufacturing markets, including refining and petrochemical, metals, electronics, and food and beverage. Air Products is also the world's leading supplier of liquefied natural gas process technology and equipment. The company's Materials Technologies business serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries.

The company had fiscal 2015 sales of $9.9 billion and has a current market capitalization of more than $30 billion. Approximately 19,000 employees in 50 countries strive to make Air Products the world's safest and best performing Industrial Gases company, providing sustainable offerings and excellent service to all customers. For more information, visit www.airproducts.com.

NOTE: This news release contains "forward-looking statements" within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including statements about the Company's plans for completion of the spin-off, the expected benefits of the spin-off, the tax free nature of the spin-off, the prospects for the independent companies following the spin-off and the timing of the transaction. These forward-looking statements are based on management's reasonable expectations and assumptions as of the date of this release. Actual results may differ materially from the expectations expressed in the forward-looking statements because of many factors not anticipated by management, including, without limitation, our ability to obtain or delays in obtaining regulatory approvals, Air Products' decision not to consummate or decision to delay the spin-off due to market, economic or other events; our ability to fully realize the anticipated benefits of the spin-off; negative effects of the announcement or the consummation of the proposed spin-off on the market price of the company's common stock; significant transaction costs and or unknown liabilities; general economic and business conditions that affect the companies in connection with the proposed spin-off; changes in capital market conditions; future opportunities that the Company's board may determine present greater potential to increase shareholder value, the ability of our companies to operate independently following the spin-off; and other risk factors described in the Company's amended Form 10 registration statement with the United States Securities and Exchange Commission on August 26, 2016. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this document to reflect any change in assumptions, beliefs or expectations or any change in events, conditions, or circumstances upon which any such forward-looking statements are based.

EDITOR'S NOTE:
On May 6, 2016, the Company announced its intention to separate Air Products' Electronic Materials business into a newly formed company and to distribute the common stock of that company, Versum, to stockholders of Air Products on a pro-rata basis. The distribution is intended to be generally tax-free for U.S. federal income tax purposes, except for any cash received in lieu of fractional shares.

The completion of the spin-off is subject to the satisfaction or waiver of a number of conditions, including Versum's Registration Statement on Form 10 being declared effective by the U.S. Securities and Exchange Commission, Versum's common stock being accepted for listing on the NYSE, and other conditions described in Versum's Registration Statement on Form 10.

SOURCE Air Products