Abstract
AIR PRODUCTS & CHEMICALS SEEMED TO BE HANDLING the economic slowdown well enough earlier this year. Although business was less than stellar, units that were a real drag were going out the door. Money from the disposals went to shore up strong positions and add more attractive businesses. But when the firm reported earnings for the quarter ending June 30, it also announced a $153 million pretax charge. It was the fourth such charge in four years. Overcapacity led the company to bite the bullet and shut down some industrial gas and chemical businesses, halt some incomplete gas expansion projects, and eliminate a number of positions. Although the actions were harsh, they weren't unusual for Air Products, the 11th largest U.S.-based chemical company. In my mind, we've been restructuring for a while, says John P.Jones III, chairman, president, and chief executive officer. When the economy starts moving again, he expects four key areas to provide ...
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