Versum Materials has been selected as the new company name for the materials technologies business of Air Products. Air Products recently announced their plans for a tax-free spin-off of this business to U.S. shareholders on or before September 2016.
"This is an exciting time as these Materials Technologies market-leading businesses move closer to becoming a separate publicly-owned and traded company with a distinct identity, brand and purpose. Once complete, this separation will provide our new shareholders with ownership in two leading and focused companies while offering the opportunity to value our Industrial Gases and Materials Technologies businesses independently,” said Seifi Ghasemi, chairman, president and chief executive officer at Air Products. Upon completion of the separation, Ghasemi will continue his role with Air Products and also become the non-executive chairman of Versum Materials.