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Air Products' (APD) Spin-Off Versum to Present in Taiwan
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Air Products and Chemicals Inc.’s (APD - Free Report) Electronics Materials business is expected to fully operate as a spin-off, Versum Materials, in Oct 2016. Prior to the completion of the planned spin-off, Versum will showcase its capabilities publicly at Semicon in Taiwan from Sep 7−9.
Versum will present its innovative products and services that make it one of the leaders and highly appreciated suppliers to the semiconductors and electronics industry. Versum will remain committed to providing innovative and new solutions for customers. The company intends to mould its business to meet the changing needs of customers in the semiconductor, LED and display markets globally by collaborating with them.
Versum will take the opportunity at Semicon Taiwan to reach its large Asian customers database and introduce itself. The company will be promoting its next generation CMP slurries, ultra-thin dielectric and metal film precursors, formulated cleans and etching products, and delivery equipment. The company’s technical representatives will also be present at the show to discuss the next-generation materials and equipment.
Additionally, Versum’s group leader for PECVD and FCVD Applications, Bob Ridgeway, will give a presentation at the event. Several leadership team members will also be present at the fair to provide media interviews.
Air Products, in Jun 2016, announced its decision to locate the headquarters of Versum Materials at Tempe, AZ. This follows Air Products’ strategy of moving the location of the spin-off company closer to its customer companies. Tempe already houses a research and development facility as well as a workforce of the company’s current Electronic Materials division. However, Versum’s administrative work will continue to be carried out from Air Products’ current headquarters in Allentown, PA.
The Electronics Materials division already has manufacturing facilities in Korea and Taiwan. Considering the growth in Asia, which comprises over 70% of the market, Air Products intends to maintain better connectivity with the Asian team and customers, which should improve as a result of the new location.
Shares of Air Products rose roughly 1.1% to close at $151.52 on Aug 15.
Air Products saw higher profits in the third quarter of fiscal 2016 (ended Jun 30, 2016), backed by restructuring and operational improvements. Adjusted earnings of $1.92 per share for the quarter beat the Zacks Consensus Estimate, while revenues of $2,434.4 million missed the same. The company reported double-digit EPS growth for the eighth consecutive quarter.
Revenues from the Materials Technologies business fell 4% year over year to $520 million, hurt by 2% lower pricing, 1% lower volumes and currency headwinds. Sales of Electronics Materials declined 8% due to lower volumes and unfavorable currency movement. Performance Materials’ sales were relatively flat year over year as higher volumes were offset by lower pricing resulting from lower raw material costs.
Air Products currently has a Zacks Rank #3 (Hold).
Some better-ranked companies in the chemical space include Innospec Inc. (IOSP - Free Report) , Shin-Etsu Chemical Co., Ltd. (SHECY - Free Report) and Innophos Holdings Inc , all sporting a Zacks Rank #1 (Strong Buy).
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Air Products' (APD) Spin-Off Versum to Present in Taiwan
Air Products and Chemicals Inc.’s (APD - Free Report) Electronics Materials business is expected to fully operate as a spin-off, Versum Materials, in Oct 2016. Prior to the completion of the planned spin-off, Versum will showcase its capabilities publicly at Semicon in Taiwan from Sep 7−9.
Versum will present its innovative products and services that make it one of the leaders and highly appreciated suppliers to the semiconductors and electronics industry. Versum will remain committed to providing innovative and new solutions for customers. The company intends to mould its business to meet the changing needs of customers in the semiconductor, LED and display markets globally by collaborating with them.
Versum will take the opportunity at Semicon Taiwan to reach its large Asian customers database and introduce itself. The company will be promoting its next generation CMP slurries, ultra-thin dielectric and metal film precursors, formulated cleans and etching products, and delivery equipment. The company’s technical representatives will also be present at the show to discuss the next-generation materials and equipment.
Additionally, Versum’s group leader for PECVD and FCVD Applications, Bob Ridgeway, will give a presentation at the event. Several leadership team members will also be present at the fair to provide media interviews.
Air Products, in Jun 2016, announced its decision to locate the headquarters of Versum Materials at Tempe, AZ. This follows Air Products’ strategy of moving the location of the spin-off company closer to its customer companies. Tempe already houses a research and development facility as well as a workforce of the company’s current Electronic Materials division. However, Versum’s administrative work will continue to be carried out from Air Products’ current headquarters in Allentown, PA.
The Electronics Materials division already has manufacturing facilities in Korea and Taiwan. Considering the growth in Asia, which comprises over 70% of the market, Air Products intends to maintain better connectivity with the Asian team and customers, which should improve as a result of the new location.
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Shares of Air Products rose roughly 1.1% to close at $151.52 on Aug 15.
Air Products saw higher profits in the third quarter of fiscal 2016 (ended Jun 30, 2016), backed by restructuring and operational improvements. Adjusted earnings of $1.92 per share for the quarter beat the Zacks Consensus Estimate, while revenues of $2,434.4 million missed the same. The company reported double-digit EPS growth for the eighth consecutive quarter.
Revenues from the Materials Technologies business fell 4% year over year to $520 million, hurt by 2% lower pricing, 1% lower volumes and currency headwinds. Sales of Electronics Materials declined 8% due to lower volumes and unfavorable currency movement. Performance Materials’ sales were relatively flat year over year as higher volumes were offset by lower pricing resulting from lower raw material costs.
Air Products currently has a Zacks Rank #3 (Hold).
Some better-ranked companies in the chemical space include Innospec Inc. (IOSP - Free Report) , Shin-Etsu Chemical Co., Ltd. (SHECY - Free Report) and Innophos Holdings Inc , all sporting a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>