LEHIGH VALLEY, Pa.,
Nov. 22, 2011 /PRNewswire/ -- Air
Products (NYSE: APD) today announced a settlement with Spanish tax
authorities for approximately euro 40 million ($55 million). This settlement was reached by
mutual agreement, and no fines or penalties were assessed.
The settlement resolves a dispute in which the authorities
disallowed certain deductions taken by the company's Spanish
subsidiaries in fiscal years 2005 to 2011.
Although Air Products continues to believe that all positions
were compliant with applicable laws and verified by external
experts, the company decided to settle this matter now.
It's expected that a significant portion of the settlement
amount will be recorded as an increase to income tax expense in the
first quarter of fiscal year 2012. This expense was not included in
the company's previously provided first quarter diluted earnings
per share guidance of $1.31 to
$1.39.
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 2011, Air Products had revenues of
$10.1 billion, operations in over 40
countries, and 18,900 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,
2011.
SOURCE Air Products