Air Products Names Spin-Off
Versum is the name
Air Products names spun-out subsidiary
Air Products has revealed that its Materials Technologies business is to be named Versum Materials when it is spun out at some point on or before September 2016, as announced in October. The name comes from the Latin for ‘toward’, which Air Products said, “communicates the new company’s ability to continuously move toward materials, which is core to its own business, and provide cutting-edge solutions and innovation”.
The new company, to be headed by Guillermo Novo, currently EVP of Materials Technologies, had sales of about $2.1 billion and EBITDA margins over 27% in the 2015 fiscal year. It operates in 12 countries and employs about 3,300. Operations are in two divisions: Electronic Materials, which supplies materials for semiconductors; and, Performance Materials, offering epoxy additives, polyurethane additives and speciality additives for the construction, composites, adhesives, coatings and other sectors.
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