AIR PRODUCTS' ELECTRONICS PUSH

Abstract

AIR PRODUCTS & CHEMIcals has agreed to acquire Ashland's electronic chemicals business for about $300 million. The Ashland business has annual sales of $200 million and employs approximately 800 people worldwide. With the purchase, Air Products will cement its role as a leader in the fast-growing electronic chemicals market, where it had sales in its past fiscal year of $940 million. The market is volatile, however: Sales in some segments of Air Products' business are down by as much as 20% since the peak of the semiconductor market three years ago. Gerald G. Ermentrout, vice president and general manager of Air Products' electronics division, notes that the Ashland unit is largely complementary and broadens Air Products' offerings to semiconductor manufacturers. For example, Air Products is big in high-purity gases and materials for chemical vapor deposition, whereas Ashland is a leader in high-purity cleaning chemicals and products for photoresist stripping. The ...