Air Products and Chemicals Inc. of Trexlertown has chosen a name for its material technologies business.
The business will be known as Versum Materials, which the company said is derived from the Latin word for “toward,” and was chosen to communicate the new company’s ability to provide cutting-edge solutions and innovation.
Air Products announced its plan in September for a tax-free spinoff of the business to U.S. shareholders.
“This is an exciting time as these materials technologies market-leading businesses move closer to becoming a separate publicly owned and traded company with a distinct identity, brand and purpose,” said Seifi Ghasemi, chairman, president and CEO of Air Products.
He said the move will provide shareholders with ownership in two leading and focused companies while offering the opportunity to value its industrial gases and materials technologies businesses independently.
Air Products’ materials technologies business has 3,300 employees worldwide and 500 in the Lehigh Valley.
Upon completion of the separation, which is expected to be complete by next September, Ghasemi will continue his role with Air Products and also become the nonexecutive chairman of Versum Materials.
Guillermo Novo, executive vice president of materials technologies, will become Versum Materials’ CEO.