Air Products & Chemicals Files Proxy Materials

Ticker: APD · Form: DEFA14A · Filed: Dec 4, 2024 · CIK: 2969

Air Products & Chemicals, INC. DEFA14A Filing Summary
FieldDetail
CompanyAir Products & Chemicals, INC. (APD)
Form TypeDEFA14A
Filed DateDec 4, 2024
Risk Levellow
Pages15
Reading Time18 min
Key Dollar Amounts$600 billion, $1.0, $12.70, $13, $1
Sentimentneutral

Sentiment: neutral

Topics: proxy-filing, sec-filing, corporate-governance

TL;DR

APCI just dropped more proxy docs, likely routine shareholder stuff.

AI Summary

Air Products and Chemicals, Inc. filed a Definitive Additional Materials proxy statement on December 4, 2024. This filing is related to the company's proxy materials and does not involve a preliminary statement or soliciting material under Rule 14a-12. The company is incorporated in Delaware and its fiscal year ends on September 30.

Why It Matters

This filing indicates that Air Products and Chemicals, Inc. is providing additional information to shareholders related to proxy voting, which is crucial for corporate governance and shareholder decision-making.

Risk Assessment

Risk Level: low — This is a routine filing of additional proxy materials, not indicating any unusual events or risks.

Key Numbers

Key Players & Entities

FAQ

What type of SEC filing is this?

This is a DEFA14A, specifically Definitive Additional Materials filed under the Securities Exchange Act of 1934.

Who is the filing company?

The filing company is Air Products & Chemicals, Inc.

When was this filing made?

The filing was made on December 4, 2024.

What is the company's fiscal year end?

The company's fiscal year ends on September 30.

Where is the company headquartered?

The company's business address is in Allentown, PA.

Filing Stats: 4,608 words · 18 min read · ~15 pages · Grade level 13.5 · Accepted 2024-12-04 17:29:07

Key Financial Figures

Filing Documents

From the Filing

DEFA14A UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.) Filed by the Registrant Filed by a party other than the Registrant CHECK THE APPROPRIATE BOX: Preliminary Proxy Statement Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) Definitive Proxy Statement Definitive Additional Materials Soliciting Material under 240.14a-12 Air Products and Chemicals, Inc. (Name of Registrant as Specified In Its Charter) (Name of Person(s) Filing Proxy Statement, if other than the Registrant) PAYMENT OF FILING FEE (CHECK ALL BOXES THAT APPLY): No fee required Fee paid previously with preliminary materials Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11 On December 4, 2024, Air Products and Chemicals, Inc. (the Company) issued the following press release : Air Products and Chemicals, Inc. 1940 Air Products Boulevard, Allentown, PA 18106-5500 www.airproducts.com Air Products Highlights Successful Track Record of Delivering Significant Shareholder Value Through Disciplined Execution of Two-Pillar Growth Strategy Files Definitive Proxy Statement and Issues Letter to Shareholders Urges Shareholders to Vote FOR ONLY Air Products Nominees on the WHITE Proxy Card Launches voteairproducts.com for Additional Shareholder Information LEHIGH VALLEY, PA, December 4, 2024 Air Products (NYSE:APD) today announced that it has filed its definitive proxy statement and WHITE proxy card with the U.S. Securities and Exchange Commission (SEC) in connection with its upcoming 2025 Annual Meeting of Shareholders (the Annual Meeting), which will be held at 8:30 a.m. U.S. Eastern Time on January 23, 2025. All Air Products shareholders of record as of the close of business on November 27, 2024 will be entitled to vote at the Annual Meeting. Shareholders should visit voteairproducts.com for additional information on voting. In conjunction with the filing of the definitive proxy statement, Air Products Board of Directors issued a letter to shareholders, which highlights critical information for shareholders to consider ahead of the Annual Meeting, including: Air Products is the most profitable industrial gas business in the world. Today our core industrial gas business is producing all-time high, industry-leading adjusted EBITDA margins and driving EPS growth. We are continuing to grow our core industrial gas businesswith more than 50 percent of total capital investment in the last four years in the core industrial gas businesswhile capitalizing on the clean hydrogen market. Air Products first-mover advantage in clean hydrogen is producing results. The scale of the shareholder value creation opportunity in clean hydrogen is significant, with an estimated total market revenue opportunity of more than $600 billion by 2030 and over $1.0 trillion by 2050, according to studies from Deloitte 1 . The Company is seeing significant demand in the immediate term as evidenced by our recently announced 15-year contract to supply TotalEnergies with 70,000 tons of green hydrogen annually beginning in 2030. Air Products continues to prudently allocate capital and effectively return capital to shareholders. Our prudent approach to capital allocation has allowed us to take steps to de-risk the hydrogen business and invest in new projects that we believe will meet or exceed internal return targets, while increasing our dividend per share by a 9% CAGR under the leadership of our CEO, Mr. Ghasemi. As our capital expenditure moderates, we expect to increase our return of capital to shareholders, including through dividend increases, share repurchases, or other means. The Board is conducting a thoughtful search for a potential CEO successor. In August, Air Products announced that it is conducting a search for a President to serve as a qualified CEO successor to Mr. Ghasemi. To ensure the new President is set up for success, he or she will sit on the Companys Board. The Company is on track to announce the President and related timelines for CEO succession no later than March 31, 2025. 1 Deloitte 2023 Global Green Hydrogen Outlook. The Air Products Board is already meaningfully refreshed, independent, and well-suited to its oversight responsibilities. As of the Annual Meeting, six of nine directors will have been appointed in the last five years, including two new director nominees, Bhavesh V. Bob Patel and Alfred Stern, who bring significant experience leading and overseeing public companies. Mantle Ridges demand to dictate the composition of the Board and senior management would be destabilizing and value destructive. Mantle Ridge is attempting to unilaterally seize full control of Air Products without paying a control premium, with no new ideas and with a level of representation that is in

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