Summary
Air Products & Chemicals, Inc. (APD) filed an 8-K on October 2, 2006, disclosing two significant events. Firstly, the company announced the successful closure of the sale of its amines business to Taminco N.V. on September 29, 2006. This divestiture is a strategic move aimed at focusing the company's resources on its core operations. Secondly, APD will record charges of approximately $0.32 to $0.37 per share in the fourth quarter of fiscal year 2006. These charges stem from the amines business sale and a broader corporate-wide reorganization and streamlining initiative. The company also plans to implement a new reporting structure, organizing its financial results under six distinct business segments starting in Q4 FY2006.
Key Highlights
- 1Air Products & Chemicals, Inc. completed the sale of its amines business to Taminco N.V. on September 29, 2006.
- 2The company will recognize charges impacting earnings per share in Q4 FY2006 related to the sale of the amines business.
- 3Corporate-wide reorganization and streamlining initiatives are also contributing to the Q4 FY2006 charges.
- 4The estimated charge per share for Q4 FY2006 is between $0.32 and $0.37.
- 5APD will adopt a new business segment reporting structure, moving from its current structure to six segments.
- 6This change in reporting segments will commence with the financial results for the fourth quarter of fiscal year 2006.