APD Air Products and Chemicals Inc

Air Products Joins NineSigma and InnoCentive(R) to Spur Open Innovation Strategy LEHIGH VALLEY, Pa., Aug. 9 /PRNewswire-FirstCall/ -- Air Products (NYSE:APD), a leading global industrial gas and chemical company, has joined NineSigma and InnoCentive(R), two powerful Internet-based science and technology sourcing networks that provide access to new ideas and technologies from literally tens of thousands of sources worldwide. The addition of these tools supports the company's "Identify and Accelerate" innovation strategy, which emphasizes the incorporation of external ideas, disruptive technologies, and process improvements to speed product development and meet market needs. In the highly competitive industrial gas industry, Air Products is pioneering the process of incorporating an open innovation strategy into its businesses models. Miles Drake, chief technology officer for Air Products says, "No single company can employ all the best people in every market they serve. With these tools at our disposal, we can scout out new ideas and technologies complementary to our existing business models, enabling us to meet our customer needs more rapidly and efficiently." Traditionally, research and development (R&D) has been limited to the confines of an organization's in-house resources, laboratories, and intellectual property holdings. In contrast, open innovation enables large companies like Air Products to discover new ideas from small research facilities and scientists working below the radar to spur product innovation, reduce time to market, and cut R&D costs for large companies. NineSigma, Inc. is a Web-based network that complements clients' internal R&D efforts by helping them find disruptive technologies, search for solutions to a specific need, or identify opportunities for existing technologies. Participation in the network allows companies like Air Products to save valuable time and lower costs in developing new ideas, helping to focus resources on bringing new products to market. InnoCentive is a Web-based forum where world-class scientists and global companies collaborate to solve difficult R&D problems. Through InnoCentive, Air Products can receive answers to scientific challenges from more than 50,000 leading scientists and scientific organizations in 150 countries worldwide. The adoption of these technologies complements efforts on the part of Air Products to develop a corporate culture that embraces open innovation. Ron Pierantozzi, director, New Business Development, explains, "The technology can't do it for you on its own. It takes people that understand and value open innovation to reap the rewards. That is perhaps our greatest investment in this strategy." DATASOURCE: Air Products CONTACT: Media Inquiries: Beth K. Mentesana, +1-610-481-2459 or ; or Investor Inquiries: Phil Sproger, +1-610-481-7461 or Web site: http://www.airproducts.com/

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