Air Products Board Authorizes Additional $1 Billion Share Repurchase Program
September 24 2007 - 4:09PM
PR Newswire (US)
LEHIGH VALLEY, Pa., Sept. 24 /PRNewswire-FirstCall/ -- The Board of
Directors of Air Products (NYSE:APD) has authorized the repurchase
of up to $1 billion of its common stock, reflecting the company's
continued financial strength. The Board action will allow the
company the flexibility to repurchase shares at its discretion
while maintaining sufficient funds for investing in its businesses
and growth opportunities. "We are focused on shareholder returns,
and this latest authorization reflects ongoing confidence in both
our financial outlook and opportunities for growth fueled by the
continued strength of our cash flows and balance sheet," said John
Jones, Air Products chairman and chief executive officer. The
latest action is in addition to an existing $1.5 billion share
repurchase program announced in March 2006. The company has
repurchased more than $1 billion under its existing $1.5 billion
plan. Last week, the Board of Directors also declared a quarterly
dividend of 38 cents per share of common stock. The dividend is
payable on November 12, 2007 to shareholders of record at the close
of business on October 1, 2007. Air Products (NYSE:APD) serves
customers in industrial, energy, technology and healthcare markets
worldwide with a unique portfolio of atmospheric gases, process and
specialty gases, performance materials, and equipment and services.
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. Air Products has annual revenues of $9
billion, operations in over 40 countries, and over 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, Katie McDonald, +1-610-481-4673, , or Investors,
Nelson Squires, +1-610-481-7461, , both of Air Products Web site:
http://www.airproducts.com/
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