Air Products Initiates $500 Million Share Repurchase Program and Increases Quarterly Dividend 10 Percent
March 18 2005 - 8:40AM
PR Newswire (US)
Air Products Initiates $500 Million Share Repurchase Program and
Increases Quarterly Dividend 10 Percent LEHIGH VALLEY, Pa., March
18 /PRNewswire-FirstCall/ -- The Board of Directors of Air Products
(NYSE:APD) today authorized a $500 million share repurchase
program, reflecting the company's strong financial position. The
Board of Directors also increased the quarterly dividend on the
company's stock to 32 cents per share from 29 cents, a 10%
increase. "Air Products continues to take steps to return cash to
our shareholders while investing strategically in our growth
businesses to further build our leadership positions," said John P.
Jones, chairman and chief executive officer. "The combination of
the share repurchase and the dividend increase reflects strong
earnings and cash flows driven by our stable businesses, the growth
markets and geographies we serve, and our capital discipline." The
company currently expects that the majority of its share repurchase
program will be completed during calendar 2005, subject to market
conditions. The company plans to repurchase shares of its common
stock from time to time in the open market, under a Rule 10b5-1
plan, or through negotiated or accelerated share repurchase
transactions. The dividend is payable on May 9, 2005 to
shareholders of record at the close of business on April 1, 2005.
It marks the 23rd consecutive year that Air Products has increased
its dividend payment. Air Products' common stock trades on the New
York Stock Exchange and the Pacific Stock Exchange. The company
serves customers in technology, energy, healthcare and industrial
markets worldwide with a unique portfolio of products, services and
solutions, providing atmospheric gases, process and specialty
gases, performance materials and chemical intermediates. Founded in
1940, Air Products has built leading positions in key growth
markets such as semiconductor materials, refinery hydrogen, home
healthcare services, natural gas liquefaction, and advanced
coatings and adhesives. The company is recognized for its
innovative culture, operational excellence and commitment to safety
and the environment and is listed in the Dow Jones Sustainability
and FTSE4Good Indices. The company has annual revenues of $7.4
billion, operations in over 30 countries, and nearly 20,000
employees around the globe. For more information, visit
http://www.airproducts.com/. ***NOTE: This release may contain
forward-looking statements. Actual results could vary materially,
due to changes in current expectations. DATASOURCE: Air Products
CONTACT: Media Inquiries: Katie McDonald, +1-610-481-3673, , or
Investor Inquiries: Phil Sproger, +1-610-481-7461, , both of Air
Products Web site: http://www.airproducts.com/
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