Air Products Sells Polyurethane Pre-Polymers Business to COIM USA
October 19 2009 - 9:00AM
PR Newswire (US)
LEHIGH VALLEY, Pa., Oct. 19 /PRNewswire-FirstCall/ -- Air Products
(NYSE: APD) today signed an agreement to sell its polyurethane
pre-polymers business, marketed under the Airthane® and Versathane®
tradenames, to COIM USA Inc., a fully owned subsidiary of global
polyurethane chemicals producer COIM SpA. Also included in the deal
is Air Products' manufacturing facility in Paulsboro, N.J. Terms of
the deal are not being disclosed. "We are pleased to reach an
agreement for our polyurethane pre-polymers business with a higher
value owner like COIM," said Bob Thomas, global business director,
Performance Materials Division for Air Products. "Going forward,
Air Products will continue to focus on its polyurethane specialties
business. We have high expectations for continued global growth in
our Dabco® and Polycat® PU catalysts and surfactants, Versalink(TM)
curatives, and our new Innovathane® and Ancarez ®ISO products for
the Polyurea coatings and construction markets." "This acquisition
allows COIM to complete its Imuthane® product portfolio with well
established low free monomer technology," said Lucio Siano, vice
president and general manager, COIM USA. "The Airthane and
Versathane business will also benefit from the up-stream
integration provided by the state-of-the-art polyester
manufacturing facility located in West Deptford, N.J." Polyurethane
pre-polymers are used in many cast elastomer markets, such as
industrial tires and wheels, printing rollers, cutting and metal
forming blankets, and custom parts for dynamic performance and
durability. Air Products acquired the Paulsboro facility in 1962.
The acquisition marked Air Products' entrance into the chemical
industry. About Air Products 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 had fiscal 2008 revenues of $10.4
billion, operations in over 40 countries, and 21,000 employees
around the globe. For more information, visit
http://www.airproducts.com/. About COIM Founded in 1962, COIM is a
privately owned company, specialised in polycondensation products
(esters), polyaddition (polyurethanes) and several other chemical
specialty products. The high quality and variety of its products
make COIM one of the main leaders of the field. COIM operates
through a network of production sites located in Europe, USA,
Brazil and Singapore, and several commercial companies and agencies
located all over the world. The company's unique structure
guarantees quality and service and is coupled with the flexibility
and efficiency of a multinational organization. The company's
mission is to constantly strive for improvement and innovation
through the close collaboration with its business partners. For
more information, visit http://www.coimgroup.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: Robert Brown of
Air Products, +1-610-481-1192, , or Beatrice Buzzella of COIM,
+39-0373-248314, ; Investor Inquiries: Nelson Squires of Air
Products, +1-610-481-7461, Web Site: http://www.airproducts.com/
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