Air Products & Chemicals Files Proxy Materials

TL;DR

APCI just dropped more proxy docs, check 'em for shareholder updates.

AI Summary

Air Products & Chemicals, Inc. filed a Definitive Additional Materials proxy statement on January 13, 2025. 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 & Chemicals, Inc. is providing additional proxy materials to shareholders, which may contain important information regarding upcoming shareholder votes or company governance.

Risk Assessment

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

Key Players & Entities

• Air Products & Chemicals, Inc. (company) — Registrant
• 1940 AIR PRODUCTS BLVD. (location) — Business Address
• ALLENTOWN (location) — Business City
• PA (location) — Business State
• 18106-5500 (location) — Business Zip Code

FAQ

Key Financial Figures

• $43.60 — ge), share prices ranged from a high of $43.60 when Ms. McKibben joined the board, to
• $0 — McKibben joined the board, to a low of $0.75, with Imation ultimately being delis
• $17 billion — ns the project was seven years late and $17 billion over budget. He has also been affiliate
• $25.2B — neither sought nor obtained. 5 Based on $25.2B market capitalization on June 30, 2014
• $44 billion — pecialty chemicals. He has created over $44 billion of shareholder value7 during his tenure
• $239 m — s with a personal stake totaling around $239 million8 and a vested interest in the suc

Filing Documents

• d918583ddefa14a.htm (DEFA14A) — 42KB
• g918583g0113023158301.jpg (GRAPHIC) — 3KB
• g918583g03m03.jpg (GRAPHIC) — 377KB
• g918583g04m04.jpg (GRAPHIC) — 313KB
• g918583g05m05.jpg (GRAPHIC) — 371KB
• g918583g06m06.jpg (GRAPHIC) — 366KB
• g918583g07m07.jpg (GRAPHIC) — 318KB
• g918583g08m08.jpg (GRAPHIC) — 368KB
• g918583g09m09.jpg (GRAPHIC) — 285KB
• g918583g10m10.jpg (GRAPHIC) — 324KB
• g918583g11m11.jpg (GRAPHIC) — 178KB
• g918583g12m12.jpg (GRAPHIC) — 253KB
• 0001193125-25-004979.txt ( ) — 4376KB

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 January 12, 2025, Air Products and Chemicals, Inc. (the Company) posted the following letter to its website, https://www.voteairproducts.com/: Vote For Only Air Products Highly Qualified Director Nominees on the WHITE Proxy Card DO NOT LET MANTLE RIDGE IMPEDE OUR SIGNIFICANT PROGRESS TO DELIVER SUPERIOR LONG-TERM SHAREHOLDER VALUE. Dear Fellow Shareholder, Your vote at Air Products upcoming Annual Meeting of Shareholders on January 23, 2025, is critical to the future of our Company. Our team is seizing on the significant, growing market demand for clean hydrogen, which represents a natural extension of our leading and successful core industrial gas model. Major offtakes we have announced and are negotiating validate our clean hydrogen strategy. The long-term strategy outlined by the Board and Management team stands in sharp contrast to Mantle Ridges short-termism and lack of a plan. Their failure to present any coherent ideas shows how destructive their nominees would be for our Company and the grave risk they would represent for our shareholders. Our future success depends on overseeing an orderly transition of our CEO, Seifi Ghasemi, with someone with strong public company experience, as well as the skills and industry relationships required for this role. Our management team, actively overseen by our Board of Directors, continues to successfully execute our two-pillar strategy to grow our core industrial gas business while capitalizing on our first-mover advantage in the clean hydrogen market a tremendous growth opportunity now and well into the future. Industry analysts and experts have taken note: With FYSep25 guidance out of the way, we now see a conservative setup, supportive of beats/raises through the year. APD has stopped work on its controversial TX green H2 project and is focused on signing offtakes for the existing backlog. Combined with the commitment to not announce new projects until 1) current projects are filled and 2) new projects have offtakes, this goes a long way to derisking APDs backlog spend. As this backlog starts up post FY25, we should be setting up for a multi-year period of higher than peers mid-teens EPS growth[] We think the company is moving in the right direction.1 - Joshua Spector, CFA, Analyst at UBS (November 18, 2024) 1 Permission to use quotations neither sought nor obtained 1 APDs 4Q exceeded expectations with a strong beat[.] Global macro remains challenged and as such the FY in-line guide comes as solid. Management also took further actions to alleviate investor concerns canceling TX green project, keeping SAF on hold until permitting is in place, emphasizing no new projects without anchor contracts and providing updates on its large projects. As APD delivers on its core business and executes on long-term projects, the stock should push higher.2John P. McNulty, CFA, Analyst at BMO Capital Markets (November 13, 2024) Weve seen a meaningful change in Air Products risk tolerance on its clean hydrogen projects and commitment to succession planning, which we heard as two significant areas of concern by investors early in 2024[] We have long viewed APDs base business as solid; these actions reinforce our constructive view.3Steve Byrne, CFA, Analyst at Bank of America (November 8, 2024) Mantle Ridges Board Nominees and CEO Designe e are Insufficiently Qualified and Highly Conflicted Supporting Mantle Ridge Would be Value Destructive. While we remain intently focused on driving growth and returning capital to shareholders, Mantle Ridge continues to run a disruptive and misguided campaign focused on impeding the significant progress we have made to deliver superior long-term value all to the detriment of you, our shareholders. Even more troubling is that Mantle Ridge has put forth nominees whose experience pales in comparison to the Air Products nominees extensive and deep expertise in relevant industries. We believe Mantle Ridges nominees have been selected not because of any superior or more relevant experience than our existing nominees, but rather because of pre-existing relat

View Full Filing

View this DEFA14A filing on SEC EDGAR