LEHIGH VALLEY, Pa.,
Sept. 19, 2011 /PRNewswire/ -- Air
Products (NYSE: APD) announced today the completion of its current
$1 billion share repurchase program
with the repurchase of $299 million shares of stock this
quarter. Overall, for the year, Air Products has repurchased
$649 million of stock.
Air Products also announced that its Board of Directors
authorized a new $1 billion share
repurchase program. The Board action will allow the company the
flexibility to repurchase shares at its discretion, while
maintaining sufficient funds for investing in growth
opportunities.
"The latest share repurchase authorization reflects Air
Products' financial strength and shareholder focus," said
John E. McGlade, chairman, president
and chief executive officer, Air Products. "Our first priority
remains to invest in the attractive growth opportunities that
support our 2015 goals. We are fortunate that our strong financial
position also allows us to reward shareholders through share
repurchases and 29 consecutive years of dividend increases. We
remain focused on maximizing returns for our shareholders while
maintaining our strong credit rating."
Last week, the Board of Directors also declared a quarterly
dividend of 58 cents per share of
common stock. The dividend is payable on November 14, 2011 to shareholders of record at
the close of business on October 3,
2011. As of August 31, 2011,
Air Products had 209,981,230 shares outstanding.
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. In fiscal 2010, Air Products had revenues of
$9 billion, operations in over 40
countries, and 18,300 employees around the globe. For more
information, visit www.airproducts.com.
***NOTE: This release may contain forward-looking statements
within the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
based on management's reasonable expectations and assumptions as of
the date of this release regarding important risk factors. Actual
performance and financial results may differ materially from
projections and estimates expressed in the forward-looking
statements because of many factors not anticipated by management,
including risk factors described in the Company's Form 10K for its
fiscal year ended September 30,
2010.
SOURCE Air Products