Air Products and Chemicals, Inc. (NYSE: APD) is an international corporation whose principal business is selling gases and chemicals for industrial uses. Air Products' headquarters is in Allentown, Pennsylvania, in the Lehigh Valley region of Pennsylvania, in the United States. Air Products is the Lehigh Valley's third largest employer, after Lehigh Valley Hospital and St. Luke's Hospital.
Air Products and Chemicals, Inc. (Air Products) serves technology, energy, industrial, and healthcare customers globally with a of products, services, and solutions that include atmospheric gases, process and specialty gases, performance materials, equipment, and services. The Company is a supplier of hydrogen and helium and has built positions in markets, such as semiconductor materials, refinery hydrogen, natural gas liquefaction, and advanced coatings and adhesives. The Company operates in four segments: merchant gases, tonnage gases, electronics and performance materials, and equipment and energy. The Company, through subsidiaries, affiliates, and minority-owned ventures, conducts business in over 40 countries outside the United States. The Company has majority or wholly owned foreign subsidiaries that operate in Canada, 17 European countries (including the United Kingdom and Spain), nine Asian countries (including China, Korea, Singapore, and Taiwan), and four Latin American countries (including Mexico and Brazil). The Company also owns less-than-controlling interests in entities operating in Europe, Asia, Africa, the Middle East, and Latin America (including Italy, Germany, China, India, Singapore, Thailand, South Africa, and Mexico).
Merchant Gases
Merchant Gases sells atmospheric gases such as oxygen, nitrogen, and argon (primarily recovered by the cryogenic distillation of air); process gases such as hydrogen and helium (purchased or refined from crude helium); and medical and specialty gases, along with certain services and equipment, throughout the world to customers in many industries, including those in metals, glass, chemical processing, food processing, healthcare, steel, general manufacturing, and petroleum and natural gas industries. The products in this segment include liquid bulk, packaged gases, small on-site plants and healthcare products.
In liquid bulk, the product is delivered in bulk (in liquid or gaseous form) by tanker or tube trailer and stored, usually in its liquid state, in equipment designed and installed by the Company at the customer’s site for vaporizing into a gaseous state as needed. Liquid bulk sales are typically governed by 3 to 5 year contracts. Small quantities of product are delivered in either cylinders or dewars. The Company operates packaged gas businesses in Europe, Asia, and Brazil. In the United States, the Company’s current packaged gas business sells products only for the electronics and magnetic resonance imaging (principally helium) industries. Customers receive product through small on-sites (cryogenic or noncryogenic generators), either by a sale of gas contract or the sale of the equipment to the customer. Customers receive respiratory therapies, home medical equipment, and infusion services. These products and services are provided to patients in their homes, primarily in Europe.
Tonnage Gases
Tonnage Gases provides hydrogen, carbon monoxide, nitrogen, oxygen, and syngas principally to the energy production and refining, chemical, and metallurgical industries worldwide. Gases are produced at large facilities located adjacent to customers’ facilities or by pipeline systems from centrally located production facilities and are generally governed by contracts with 15 to 20 year terms. The Company is a provider of hydrogen, which is used by oil refiners to facilitate the conversion of heavy crude feedstock and lower the sulfur content of gasoline and diesel fuels to reduce smog and ozone depletion. The Company delivers product through pipelines from centrally located facilities in or near the Texas Gulf Coast; Louisiana; Los Angeles, California; Alberta, Canada; Rotterdam, the Netherlands; Southern England, U.K.; Northern England, the United Kingdom; Western Belgium; Ulsan, Korea; Nanjing, China; Tangshan, China; Kuan Yin, Taiwan; Singapore, and Camacari, Brazil. The Company also owns less than controlling interests in pipelines located in Thailand and South Africa.
Tonnage Gases also includes a Polyurethane Intermediates (PUI) business. At its Pasadena, Texas facility, the Company produces dinitrotoluene (DNT), which is converted to toluene diamine (TDA) and sold for use as an intermediate in the manufacture of a major precursor of flexible polyurethane foam used in furniture cushioning, carpet underlay, bedding, and seating in automobiles.
Electronics and Performance Materials
Electronics and Performance Materials employs applications technology to provide solutions to a range of global industries through chemical synthesis, analytical technology, process engineering, and surface science. This segment provides the electronics industry with specialty gases (such as nitrogen trifluoride, silane, arsine, phosphine, white ammonia, silicon tetrafluoride, carbon tetrafluoride, hexafluoromethane, critical etch gases, and tungsten hexafluoride), as well as tonnage gases (primarily nitrogen), specialty chemicals, services, and equipment for the manufacture of silicon and compound semiconductors, thin film transistor liquid crystal displays, and photovoltaic devices. These products are delivered through various supply chain methods, including bulk delivery systems or distribution by pipelines such as those located in California’s Silicon Valley; Phoenix, Arizona; Tainan, Taiwan; Gumi and Giheung, Korea, and Tianjin and Shanghai, China.
Electronics and Performance Materials also provides performance materials for a wide range of products, including coatings, inks, adhesives, civil engineering, personal care, institutional and industrial cleaning, mining, oil refining, and polyurethanes, and focuses on the development of new materials. Principal performance materials include polyurethane catalysts and other additives for polyurethane foam, epoxy amine curing agents, and auxiliary products for epoxy systems, specialty surfactants for formulated systems, and functional additives for industrial cleaning and mining industries.
Equipment and Energy
Equipment and Energy designs and manufactures cryogenic equipment for air separation, hydrocarbon recovery and purification, natural gas liquefaction (LNG), and helium distribution (cryogenic transportation containers), and serves energy markets in a variety of ways. Equipment is sold globally to customers in the chemical and petrochemical manufacturing, oil and gas recovery and processing, and steel and primary metals processing industries. The segment also provides a range of plant design, engineering, procurement, and construction management services to its customers. The Company owns and operates a cogeneration facility in Calvert City, Kentucky and a 49-megawatt fluidized-bed coal and biomass-fired power generation facility in Stockton, California; and operates and owns a 47.9% interest in a 112-megawatt gas-fueled power generation facility in Thailand. The Company also operates and owns a 50% interest in a flue gas desulfurization facility in Indiana.
The Company competes with L’Air Liquide S.A., Linde AG, Praxair, Inc., BASF Corporation and Bayer AG.
Due to the energy crisis and a recession, the 1970s was a difficult period for many chemical companies. While Air Products could not sustain the phenomenal growth it experienced in the 1960s, its annual sales and profits increased at least nine percent and sometimes as high as 20 percent. During this time, the company held a strong position in industrial gases both in the United States and abroad, as its gases were used by virtually every major industry. The chemical division performed erratically, however, and, during the recession, its engineering services division, which designed pipelines and plants, yielded disappointing results. Nevertheless, Air Products' industrial gases kept the company afloat.
The energy crisis had both positive and negative effects on Air Products. The industrial gases division, which consumed a large amount of electricity, was sensitive to rising utility rates. However, as the price of organic fuels rose, oxygen became a more popular fuel. The increased production costs of petro-chemicals and plastics were offset by higher demand for cryogenic equipment and gases to liquify natural gas. Like many other successful chemical companies, Air Products was thus able to benefit from the high energy prices in some cases.
During this time, the OPEC oil embargo convinced company management to invest in synthetic fuels. In 1980, Air Products, Wheelbraton Fry Inc., the state of Kentucky, and the U.S. Department of Energy formed a joint venture to produce a high energy, low pollution fuel from coal. Air Products invested $45 million in the project, while the bulk of the money, $748 million, came from the federal government. As none of the various synthetic fuel projects were successful, Air Products' only consolation was the high levels of oxygen consumed in the unsuccessful venture. Still, Air Products remained interested in energy development. In 1985, the company bought a methane recovery plant and accelerated development of a plant that converted garbage to steam and electricity.
Despite the disappointment of the synfuel project, Air Products sales grew an average of 20 percent per year throughout the 1970s. A 12-year, $281 million contract to supply liquid hydrogen for the space shuttle bolstered earnings as did the discovery of expanded uses for industrial gases. For instance, the food industry increased its use of hydrogen for hydrogenating vegetable oils, and flash-freezing, a process which required nitrogen, became an increasingly more popular technique.
In the 1970s and the early 1980s, Air Products, like other highly successful chemical companies of the same size, became concerned with having a product that could be used by a myriad of industries, in order to avoid overdependance on staple products linked to cyclical industries. Toward this end, Air Products focused on marketing oxygen and industrial gases to a wide variety of clients, so that dramatic downturns in an industry--such as steel manufacturing--would not be fatal to the company.
Also during this time, Air Products established a reputation for hiring highly competent, professional engineers, chemists, and business staff. Rather than assuming responsibility for such hirings, company president Edward Donley delegated the job to the vice-presidents and line managers, whom, according Donley, were better judges of an applicant's potential than a professional recruiter. The applicants hired by Air Products sometimes spent up to three years working in different departments of their choice, in order to decide where their skills would be best employed. Air Products also believed the exposure of engineers and chemists to management positions would prove vital to future success.
Air Products also demonstrated a commitment to the health and safety of its workers. In the 1970s, when three employees died from PVC induced cancer, Air Products periodically tested 492 other workers at two plants for possible exposure, and steps were taken to minimize health risks. In the late 1980s and early 1990s, the company developed 'Responsible Care' objectives to promote safety, environmentalism, and health at its facilities. At the same time, however, the company initiated a legal challenge to industry regulations, claiming that many were unfeasible to implement.
In 1986, Air Products embarked on a ten-year strategic plan that added a third core business, environment-energy, and focused on globalization of the firm. Between 1986 and 1993, the company invested $1 billion in European facilities as part of its strategy to replace older, less efficient plants, add new production capacity, and create new products. Significant investments in Asia resulted in the construction of seven industrial gas plants by 1992. The company also gained access to significant markets by buying mid-size competitors and entering into joint ventures.
By 1990, investments of $1.2 billion in the environmental-energy systems segment had expanded that division to include: a refuse-fired cogeneration facility; the American REF-FUEL joint venture with Browning-Ferris for building waste-to-energy facilities; a joint venture with Mitsubishi Heavy Industries to market flue gas desulfurization systems; and a methane gas reclamation business for landfills. Air Products' tire recycling program, which was undertaken in 1988, came to fruition in the early 1990s, as the rubber recovered from scrap tires promised to reduce the environmental and health hazards presented by scrap tires and offered cost savings for the production of rubberized asphalt, shoe soles, carpet underlay, and other products. Although Air Products faced well-established competition in the environmental arena, the rapid expansion of that market promised significant returns.
During this time, Air Products' earnings per share increased about 20 percent per year, double the rate of Standard & Poor's industrial index. In 1992, Harold A. Wagner, who had been a key proponent of the strategic plan, replaced Dexter Baker as chairperson and chief executive officer, and Air Products launched a two-year program to consolidate and restructure its $1.1 billion chemical business. The reorganization streamlined the chemicals segment from four to three divisions, realigned its management, and reduced its work force by seven to ten percent, or 1,000 to 1,400 jobs. In 1993, Air Products achieved record cash flows, sold record volumes of industrial gases and chemicals, and ranked as the third largest supplier of industrial gases in the world. The company planned to continue expanding its global investment programs throughout the 1990s.
OVERALL
Beta: 1.14
Market Cap (Mil.): $20,274.27
Shares Outstanding (Mil.): 211.90
Annual Dividend: 2.32
Yield (%): 2.42
FINANCIALS
APD Industry Sector
P/E (TTM): 19.01 16.66 25.53
EPS (TTM): 25.91 -- --
ROI: 10.20 26.84 17.76
ROE: 19.80 25.99 17.73
Statistics:
Public Company
Incorporated: 1940 as Industrial Gas Equipment Co.
Employees: 14,075
Sales: $3.33 billion
Stock Exchanges: New York Pacific
SICs: 2813 Industrial Gases; 2821 Plastics Materials and Resins; 2865 Cyclic Crudes and Intermediates; 2869 Industrial Organic Chemicals, Nec.; 2891 Adhesives and Sealants; 3443 Fabricated Plate Work (Boiler Shops)
Name Age Since Current Position
McGlade, John 56 2008 Chairman of the Board, President, Chief Executive Officer
Huck, Paul 60 2008 Chief Financial Officer, Senior Vice President
Stanley, John 52 2009 Senior Vice President, General Counsel
Minella, Lynn 52 2008 Senior Vice President - Human Resources and Communications
Dixon, Robert 51 2008 Senior Vice President, General Manager - Merchant Gases
Jones, Stephen 49 2009 Senior Vice President, General Manager - Tonnage Gases, Equipment and Energy
Marsland, John 44 2010 Senior Vice President - Supply Chain
Crocco, Michael 46 2008 Vice President, Corporate Controller
Fairbairn, Ursula 68 1998 Independent Director
Hagenlocker, Edward 71 1997 Independent Director
Baeza, Mario 60 1999 Independent Director
Donahue, Michael 52 2001 Independent Director
Ford, W. Douglas 67 2003 Independent Director
Smith, Lawrence 63 2004 Independent Director
McGlynn, Margaret 51 2005 Independent Director
Davis, William 67 2005 Independent Director
Henkes, Evert 68 2006 Independent Director
Deaton, Chadwick 58 2010 Independent Director
Address:
7201 Hamilton Boulevard
P.O. Box 538
Allentown, Pennsylvania 18105-1501
U.S.A.
Air Products and Chemicals, Inc. (Air Products) serves technology, energy, industrial, and healthcare customers globally with a of products, services, and solutions that include atmospheric gases, process and specialty gases, performance materials, equipment, and services. The Company is a supplier of hydrogen and helium and has built positions in markets, such as semiconductor materials, refinery hydrogen, natural gas liquefaction, and advanced coatings and adhesives. The Company operates in four segments: merchant gases, tonnage gases, electronics and performance materials, and equipment and energy. The Company, through subsidiaries, affiliates, and minority-owned ventures, conducts business in over 40 countries outside the United States. The Company has majority or wholly owned foreign subsidiaries that operate in Canada, 17 European countries (including the United Kingdom and Spain), nine Asian countries (including China, Korea, Singapore, and Taiwan), and four Latin American countries (including Mexico and Brazil). The Company also owns less-than-controlling interests in entities operating in Europe, Asia, Africa, the Middle East, and Latin America (including Italy, Germany, China, India, Singapore, Thailand, South Africa, and Mexico).
Merchant Gases
Merchant Gases sells atmospheric gases such as oxygen, nitrogen, and argon (primarily recovered by the cryogenic distillation of air); process gases such as hydrogen and helium (purchased or refined from crude helium); and medical and specialty gases, along with certain services and equipment, throughout the world to customers in many industries, including those in metals, glass, chemical processing, food processing, healthcare, steel, general manufacturing, and petroleum and natural gas industries. The products in this segment include liquid bulk, packaged gases, small on-site plants and healthcare products.
In liquid bulk, the product is delivered in bulk (in liquid or gaseous form) by tanker or tube trailer and stored, usually in its liquid state, in equipment designed and installed by the Company at the customer’s site for vaporizing into a gaseous state as needed. Liquid bulk sales are typically governed by 3 to 5 year contracts. Small quantities of product are delivered in either cylinders or dewars. The Company operates packaged gas businesses in Europe, Asia, and Brazil. In the United States, the Company’s current packaged gas business sells products only for the electronics and magnetic resonance imaging (principally helium) industries. Customers receive product through small on-sites (cryogenic or noncryogenic generators), either by a sale of gas contract or the sale of the equipment to the customer. Customers receive respiratory therapies, home medical equipment, and infusion services. These products and services are provided to patients in their homes, primarily in Europe.
Tonnage Gases
Tonnage Gases provides hydrogen, carbon monoxide, nitrogen, oxygen, and syngas principally to the energy production and refining, chemical, and metallurgical industries worldwide. Gases are produced at large facilities located adjacent to customers’ facilities or by pipeline systems from centrally located production facilities and are generally governed by contracts with 15 to 20 year terms. The Company is a provider of hydrogen, which is used by oil refiners to facilitate the conversion of heavy crude feedstock and lower the sulfur content of gasoline and diesel fuels to reduce smog and ozone depletion. The Company delivers product through pipelines from centrally located facilities in or near the Texas Gulf Coast; Louisiana; Los Angeles, California; Alberta, Canada; Rotterdam, the Netherlands; Southern England, U.K.; Northern England, the United Kingdom; Western Belgium; Ulsan, Korea; Nanjing, China; Tangshan, China; Kuan Yin, Taiwan; Singapore, and Camacari, Brazil. The Company also owns less than controlling interests in pipelines located in Thailand and South Africa.
Tonnage Gases also includes a Polyurethane Intermediates (PUI) business. At its Pasadena, Texas facility, the Company produces dinitrotoluene (DNT), which is converted to toluene diamine (TDA) and sold for use as an intermediate in the manufacture of a major precursor of flexible polyurethane foam used in furniture cushioning, carpet underlay, bedding, and seating in automobiles.
Electronics and Performance Materials
Electronics and Performance Materials employs applications technology to provide solutions to a range of global industries through chemical synthesis, analytical technology, process engineering, and surface science. This segment provides the electronics industry with specialty gases (such as nitrogen trifluoride, silane, arsine, phosphine, white ammonia, silicon tetrafluoride, carbon tetrafluoride, hexafluoromethane, critical etch gases, and tungsten hexafluoride), as well as tonnage gases (primarily nitrogen), specialty chemicals, services, and equipment for the manufacture of silicon and compound semiconductors, thin film transistor liquid crystal displays, and photovoltaic devices. These products are delivered through various supply chain methods, including bulk delivery systems or distribution by pipelines such as those located in California’s Silicon Valley; Phoenix, Arizona; Tainan, Taiwan; Gumi and Giheung, Korea, and Tianjin and Shanghai, China.
Electronics and Performance Materials also provides performance materials for a wide range of products, including coatings, inks, adhesives, civil engineering, personal care, institutional and industrial cleaning, mining, oil refining, and polyurethanes, and focuses on the development of new materials. Principal performance materials include polyurethane catalysts and other additives for polyurethane foam, epoxy amine curing agents, and auxiliary products for epoxy systems, specialty surfactants for formulated systems, and functional additives for industrial cleaning and mining industries.
Equipment and Energy
Equipment and Energy designs and manufactures cryogenic equipment for air separation, hydrocarbon recovery and purification, natural gas liquefaction (LNG), and helium distribution (cryogenic transportation containers), and serves energy markets in a variety of ways. Equipment is sold globally to customers in the chemical and petrochemical manufacturing, oil and gas recovery and processing, and steel and primary metals processing industries. The segment also provides a range of plant design, engineering, procurement, and construction management services to its customers. The Company owns and operates a cogeneration facility in Calvert City, Kentucky and a 49-megawatt fluidized-bed coal and biomass-fired power generation facility in Stockton, California; and operates and owns a 47.9% interest in a 112-megawatt gas-fueled power generation facility in Thailand. The Company also operates and owns a 50% interest in a flue gas desulfurization facility in Indiana.
The Company competes with L’Air Liquide S.A., Linde AG, Praxair, Inc., BASF Corporation and Bayer AG.
Due to the energy crisis and a recession, the 1970s was a difficult period for many chemical companies. While Air Products could not sustain the phenomenal growth it experienced in the 1960s, its annual sales and profits increased at least nine percent and sometimes as high as 20 percent. During this time, the company held a strong position in industrial gases both in the United States and abroad, as its gases were used by virtually every major industry. The chemical division performed erratically, however, and, during the recession, its engineering services division, which designed pipelines and plants, yielded disappointing results. Nevertheless, Air Products' industrial gases kept the company afloat.
The energy crisis had both positive and negative effects on Air Products. The industrial gases division, which consumed a large amount of electricity, was sensitive to rising utility rates. However, as the price of organic fuels rose, oxygen became a more popular fuel. The increased production costs of petro-chemicals and plastics were offset by higher demand for cryogenic equipment and gases to liquify natural gas. Like many other successful chemical companies, Air Products was thus able to benefit from the high energy prices in some cases.
During this time, the OPEC oil embargo convinced company management to invest in synthetic fuels. In 1980, Air Products, Wheelbraton Fry Inc., the state of Kentucky, and the U.S. Department of Energy formed a joint venture to produce a high energy, low pollution fuel from coal. Air Products invested $45 million in the project, while the bulk of the money, $748 million, came from the federal government. As none of the various synthetic fuel projects were successful, Air Products' only consolation was the high levels of oxygen consumed in the unsuccessful venture. Still, Air Products remained interested in energy development. In 1985, the company bought a methane recovery plant and accelerated development of a plant that converted garbage to steam and electricity.
Despite the disappointment of the synfuel project, Air Products sales grew an average of 20 percent per year throughout the 1970s. A 12-year, $281 million contract to supply liquid hydrogen for the space shuttle bolstered earnings as did the discovery of expanded uses for industrial gases. For instance, the food industry increased its use of hydrogen for hydrogenating vegetable oils, and flash-freezing, a process which required nitrogen, became an increasingly more popular technique.
In the 1970s and the early 1980s, Air Products, like other highly successful chemical companies of the same size, became concerned with having a product that could be used by a myriad of industries, in order to avoid overdependance on staple products linked to cyclical industries. Toward this end, Air Products focused on marketing oxygen and industrial gases to a wide variety of clients, so that dramatic downturns in an industry--such as steel manufacturing--would not be fatal to the company.
Also during this time, Air Products established a reputation for hiring highly competent, professional engineers, chemists, and business staff. Rather than assuming responsibility for such hirings, company president Edward Donley delegated the job to the vice-presidents and line managers, whom, according Donley, were better judges of an applicant's potential than a professional recruiter. The applicants hired by Air Products sometimes spent up to three years working in different departments of their choice, in order to decide where their skills would be best employed. Air Products also believed the exposure of engineers and chemists to management positions would prove vital to future success.
Air Products also demonstrated a commitment to the health and safety of its workers. In the 1970s, when three employees died from PVC induced cancer, Air Products periodically tested 492 other workers at two plants for possible exposure, and steps were taken to minimize health risks. In the late 1980s and early 1990s, the company developed 'Responsible Care' objectives to promote safety, environmentalism, and health at its facilities. At the same time, however, the company initiated a legal challenge to industry regulations, claiming that many were unfeasible to implement.
In 1986, Air Products embarked on a ten-year strategic plan that added a third core business, environment-energy, and focused on globalization of the firm. Between 1986 and 1993, the company invested $1 billion in European facilities as part of its strategy to replace older, less efficient plants, add new production capacity, and create new products. Significant investments in Asia resulted in the construction of seven industrial gas plants by 1992. The company also gained access to significant markets by buying mid-size competitors and entering into joint ventures.
By 1990, investments of $1.2 billion in the environmental-energy systems segment had expanded that division to include: a refuse-fired cogeneration facility; the American REF-FUEL joint venture with Browning-Ferris for building waste-to-energy facilities; a joint venture with Mitsubishi Heavy Industries to market flue gas desulfurization systems; and a methane gas reclamation business for landfills. Air Products' tire recycling program, which was undertaken in 1988, came to fruition in the early 1990s, as the rubber recovered from scrap tires promised to reduce the environmental and health hazards presented by scrap tires and offered cost savings for the production of rubberized asphalt, shoe soles, carpet underlay, and other products. Although Air Products faced well-established competition in the environmental arena, the rapid expansion of that market promised significant returns.
During this time, Air Products' earnings per share increased about 20 percent per year, double the rate of Standard & Poor's industrial index. In 1992, Harold A. Wagner, who had been a key proponent of the strategic plan, replaced Dexter Baker as chairperson and chief executive officer, and Air Products launched a two-year program to consolidate and restructure its $1.1 billion chemical business. The reorganization streamlined the chemicals segment from four to three divisions, realigned its management, and reduced its work force by seven to ten percent, or 1,000 to 1,400 jobs. In 1993, Air Products achieved record cash flows, sold record volumes of industrial gases and chemicals, and ranked as the third largest supplier of industrial gases in the world. The company planned to continue expanding its global investment programs throughout the 1990s.
OVERALL
Beta: 1.14
Market Cap (Mil.): $20,274.27
Shares Outstanding (Mil.): 211.90
Annual Dividend: 2.32
Yield (%): 2.42
FINANCIALS
APD Industry Sector
P/E (TTM): 19.01 16.66 25.53
EPS (TTM): 25.91 -- --
ROI: 10.20 26.84 17.76
ROE: 19.80 25.99 17.73
Statistics:
Public Company
Incorporated: 1940 as Industrial Gas Equipment Co.
Employees: 14,075
Sales: $3.33 billion
Stock Exchanges: New York Pacific
SICs: 2813 Industrial Gases; 2821 Plastics Materials and Resins; 2865 Cyclic Crudes and Intermediates; 2869 Industrial Organic Chemicals, Nec.; 2891 Adhesives and Sealants; 3443 Fabricated Plate Work (Boiler Shops)
Name Age Since Current Position
McGlade, John 56 2008 Chairman of the Board, President, Chief Executive Officer
Huck, Paul 60 2008 Chief Financial Officer, Senior Vice President
Stanley, John 52 2009 Senior Vice President, General Counsel
Minella, Lynn 52 2008 Senior Vice President - Human Resources and Communications
Dixon, Robert 51 2008 Senior Vice President, General Manager - Merchant Gases
Jones, Stephen 49 2009 Senior Vice President, General Manager - Tonnage Gases, Equipment and Energy
Marsland, John 44 2010 Senior Vice President - Supply Chain
Crocco, Michael 46 2008 Vice President, Corporate Controller
Fairbairn, Ursula 68 1998 Independent Director
Hagenlocker, Edward 71 1997 Independent Director
Baeza, Mario 60 1999 Independent Director
Donahue, Michael 52 2001 Independent Director
Ford, W. Douglas 67 2003 Independent Director
Smith, Lawrence 63 2004 Independent Director
McGlynn, Margaret 51 2005 Independent Director
Davis, William 67 2005 Independent Director
Henkes, Evert 68 2006 Independent Director
Deaton, Chadwick 58 2010 Independent Director
Address:
7201 Hamilton Boulevard
P.O. Box 538
Allentown, Pennsylvania 18105-1501
U.S.A.