Air Products has announced that it has signed a definitive agreement to sell its interest in its vinyl acetate ethylene (VAE) polymers joint ventures to Wacker Chemie AG, its long-time joint venture partner. As part of the agreement, Air Products will receive full ownership in the Elkton, MD, and Piedmont, SC, production facilities and their related businesses, plus cash considerations of $265 million. The sale is part of Air Products’ previously announced portfolio management activities intended to make the company a more focused and less cyclical growth company.
“We are pleased to have reached an agreement to sell our interest in our polymers joint venture to our long-time partner, Wacker Chemie,” said John McGlade, Air Products’ president and CEO. “They recognize the strategic value of the business, its high quality assets and its outstanding team of employees.”
For more information, visit www.airproducts.com