Abstract
AIR PRODUCTS & CHEMICALS is launching a restructuring effort intended to increase growth, improve return on capital, and return value to shareholders. The company says it will sell its dinitrotoluene (DNT) plant in Geismar, La., to BASF; acquire specialty surfactants maker Tomah 3 Products; explore the sale of its polyurethane intermediates, amines, and polymers businesses; and initiate a $1.5 billion stock buyback. In addition, Air Products will raise its quarterly dividend by 2 cents to 38 cents per share. Combined 2005 sales for the units on the block were about $1.25 billion, some 20% of Air Products' total. When these actions are completed, our growth businesses will make up over 60% of our overall annual revenues, up from just 35% in 2000, CEO John Jones says. The sale of the DNT plant to BASF for $155 million is part of a restructuring of the firm's polyurethane intermediates business, which had 2005 ...
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