Air Products and Chemicals Inc. plans to spin off its Materials Technologies division — which includes polyurethanes additives — to its shareholders by September 2016.
Seifi Ghasemi, Air Products chairman, president and CEO, said the move “will create significant shareholder value” and “enhance [the company's] competitive position.”
In 2014, the division posted sales of $2.4 billion, which represented 23 percent of Air Products' total sales for the year.
Performance Materials operates five production facilities in the U.S., three in Europe and four in Asia.
Lehigh Valley, Pa.-based Air Products' Performance Materials sales increased 10 percent in 2014 compared to 2013. The firm's annual report said higher volumes, up 11 percent, were partially offset by lower pricing — down 1 percent.