Air Products and Chemicals, Inc. (New York Stock Exchange)

Air Products & Chemicals, Inc. serves technology, energy, industrial and healthcare customers globally with a portfolio of products, services and solutions that include atmospheric gases, process and specialty gases, performance materials, equipment and services. The Company is the supplier of hydrogen and helium and has built positions in growth markets, such as semiconductor materials, refinery hydrogen, natural gas liquefaction and advanced coatings and adhesives. The Company operates in four business segments: merchant gases, tonnage gases, electronic and performance materials, and equipment and energy. During the fiscal year ended September 30, 2008 (fiscal 2008), the Company completed the selling of high purity process chemicals business. In January 2008, the Company sold its interest in the vinyl acetate ethylene polymers joint ventures to Wacker Chemie AG. In June 2008, the Company completed the sale of the polymers emulsions business. In May 2009, the Company sold all of its United States home infusion therapy services business and some elements of its respiratory and home medical equipment business to OptionCare Enterprises, Inc. The transaction includes Air Products’ ownership interests in certain of the companies previously operated as part of the Air Products Healthcare LLC Group, notably the home infusion therapy business of American Homecare Supply, Georgia (serving Atlanta and northern Georgia); Ultra Care and Dependicare (Chicago metropolitan area); Rx Pharmacy Services and Mosso’s Medical Supply Company (western Pennsylvania and Pittsburgh metropolitan area); Collins I.V. Care (Connecticut), and Air Products Healthcare Pharmacy (Lehigh Valley, Philadelphia metropolitan area and southern New Jersey). In May 2009, the Company announced the sale of three of its United States healthcare businesses to Landauer-Metropolitan, Inc. The three United States healthcare businesses include Genox Homecare, Mid-Atlantic Healthcare and Young’s Medical Equipment.

Merchant Gases

Merchant Gases sells industrial gases, such as oxygen, nitrogen and argon (primarily recovered by the cryogenic distillation of air), hydrogen and helium (purchased or refined from crude helium), and medical and specialty gases, along with certain services and equipment globally 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. In packaged gases 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 packaged gas business sells products for the electronics and magnetic resonance imaging (principally helium) industries. Customers receive product through small on-sites (cryogenic or non-cryogenic 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 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 globally. The Company is the 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 energy production industry uses nitrogen injection for enhanced recovery of oil and natural gas and oxygen for gasification. The metallurgical industry utilizes nitrogen for inerting and oxygen for the manufacture of steel and certain non-ferrous metals. The chemical industry uses hydrogen, oxygen, nitrogen, carbon monoxide and synthesis gas (a hydrogen-carbon monoxide mixture) as feedstocks in the production of many basic chemicals.

Tonnage Gases also includes a Polyurethanes Intermediate (PUI) business. At its Pasadena, Texas facility, the Company produces di-nitrotoluene (DNT), which is converted to toluene diamine (TDA) and sold for use as an intermediate in the manufacture of a precursor of polyurethane foam used in furniture cushioning, carpet underlay, bedding and seating in automobiles.

Electronics and Performance Materials

Electronics and performance materials segment 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 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 aimed at providing functionality to emerging markets. The performance materials include polyurethane catalysts and other additives for polyurethane foam, epoxy amine curing agents and auxiliary products for epoxy systems and specialty surfactants for formulated systems. The electronics and performance materials segment uses a range of raw materials, including alcohols, ethyleneamines, cyclohexamine, acrylonitriles and glycols.

Equipment and Energy

The equipment and energy segment designs and manufactures cryogenic and gas processing equipment for air separation (utilizing membrane technology and adsorption technology), 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 competes with L’Air Liquide S.A., Linde AG and Praxair, Inc.

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