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Air Products and Chemicals, Inc. (Form: 8-K)  

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

     
Date of Report (Date of Earliest Event Reported):   August 23, 2006

Air Products and Chemicals, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)

     
Delaware 1-4534 23-1274455
_____________________
(State or other jurisdiction 		_____________
(Commission 		______________
(I.R.S. Employer
of incorporation) File Number) Identification No.)
      
7201 Hamilton Boulevard, Allentown, Pennsylvania   18195-1501
_________________________________
(Address of principal executive offices) 		  ___________
(Zip Code)
     
Registrant’s telephone number, including area code:   610 481-4911

Not Applicable
______________________________________________
Former name or former address, if changed since last report

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Top of the Form

Item 8.01 Other Events.

Item 8.01 Other Events
Amines Divestiture. The Company has reached an agreement with Taminco N.V. to sell its methylamines and higher amines assets, including manufacturing locations at Pensacola, Florida; St. Gabriel, Louisiana; and Camacari, Brazil. The parties anticipate finalizing the transaction, which is subject to regulatory approvals and customary closing conditions, by the end of September. The Company issued a press release on August 23, 2006, announcing the sale of the amines assets. A copy of the press release is attached hereto as Exhibit 99.1, and is hereby incorporated by reference. The Press Release is being furnished; it is not deemed to be filed.





Item 9.01 Financial Statements and Exhibits.

(c) Exhibits

99.1 Press Release dated August 23, 2006. Air Products to Sell Amines Business to Taminco.





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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

         
    Air Products and Chemicals, Inc.
          
August 24, 2006   By:   Paul E. Huck
       
        Name: Paul E. Huck
        Title: Vice President and Chief Financial Officer

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Exhibit Index


     
Exhibit No.   Description
 
99.1
  Press Release dated August 23, 2006. Air Products to Sell Amines Business to Taminco.
EX-99.1

Exhibit 99.1

News Release

Air Products and Chemicals, Inc.
7201 Hamilton Boulevard
Allentown, PA 18195-1501

Air Products to Sell Amines Business to Taminco

Portfolio Management Move Continues Focus on Strengthening Growth Businesses

LEHIGH VALLEY, Pa. (August 23, 2006) – Air Products (NYSE:APD) today announced it has signed a definitive agreement to sell its amines business to Taminco, one of the world’s largest producers of methylamines and methylamine derivatives. The sale is part of Air Products’ ongoing portfolio management activities intended to make the company a more focused, less cyclical and higher growth company.

The sale of the amines business, which generated approximately $310 million in revenues in fiscal year 2006, includes production facilities located in Pace, Fla.; St. Gabriel, La.; and Camaçari, Brazil. The amines business produces methylamines and higher amines products used globally in many household, industrial and agricultural products.

“We are extremely pleased to be making this sale to Taminco. We said in March that this business is an attractive asset for the right owner, and we would only sell it to a buyer who appreciated that value. This is a good fit for Taminco, who recognized the improvements we made in the business and the quality of our employees,” said John Jones, Air Products’ chairman and CEO. There are approximately 225 employees directly associated with this business and all will continue with Taminco.

“Acquiring the amines activities from Air Products is a unique opportunity for Taminco. The businesses are very complementary, focusing on similar markets in different regions, with leading market positions and the same technology base.” said Pol Vanderhaeghen, Taminco’s CEO. “We want to share our excitement with every employee of Air Products who will join us from around the world. Also, the Lehigh Valley in Pennsylvania seems to be a perfect location for us to open a new office.”

Air Products and Taminco expect the sale, which is subject to regulatory approvals and customary closing conditions, to be completed by the end of September.

About Air Products
Air Products (NYSE:APD) serves customers in technology, energy, healthcare and industrial markets worldwide with a unique portfolio of products, services and solutions, providing atmospheric gases, process and specialty gases, performance materials and chemical intermediates. 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 and is listed in the Dow Jones Sustainability and FTSE4Good Indices. The
company has annual revenues of $8.1 billion, operations in over 30 countries, and over 20,000 employees around the globe. For more information, visit www.airproducts.com.

About Taminco
Taminco is one of the world’s largest producers of methylamines, a key building block for pharmaceutical and chemical industries. Taminco also specializes in methylamine derivatives and serves industries such as agrochemicals, biocides, animal feed additives, rubber processing, performance solvents, water and gas treatment and surfactants. Taminco was founded in 2003, after separating from UCB, its previous parent company. Since then, Taminco has acquired the methylamines and derivatives business of Air Products in Europe, together with the contracts and commercial obligations for methylamines and choline chloride from Akzo Nobel growing the company from 180 million € in 2003 to 264 million € in 2005. Taminco employs about 460 people and is headquartered in Gent, Belgium. The company has 15 sales offices worldwide and three production sites in Gent (Belgium), Leuna (Germany) and Shanghai (China). For more information, visit www.Taminco.com.

***NOTE: This release may contain forward-looking statements. Actual results could vary materially, due to changes in current expectations.

# # #

Media Inquiries:

(Air Products)

Beth Mentesana, tel: (610) 481-2459; e-mail: mentesbk@airproducts.com; or

Art George, tel: (610) 481-1340; e-mail: georgeaf@airproducts.com.

(Taminco)

Pol Vanderhaeghen, tel: +32 9 254 15 80; e-mail: pol.vanderhaeghen@taminco.com.

Investor Inquiries:

(Air Products)

Philip Sproger, tel: (610) 481-7461; e-mail: sprogepc@airproducts.com.