Printer Friendly

AIR PRODUCTS ANNOUNCES FOURTH QUARTER CHARGES AGAINST EARNINGS

 ALLENTOWN, Pa., Sept. 23 /PRNewswire/ -- In the fourth quarter which ends Sept. 30, Air Products and Chemicals, Inc. (NYSE: APD) will take charges against earnings in connection with the profit improvement program announced last month and also for selected asset writedowns.
 Severance costs for reducing its workforce by 7 to 10 percent as part of a two-year program to strengthen long-term competitiveness and profitability will result in a before-tax charge of approximately $55 million. The asset writedowns, which will result in a before-tax charge of approximately $60 million, involve the epoxy and agricultural chemical product lines, the landfill gas business in the environmental and energy systems segment, and miscellaneous assets in the industrial gas segment.
 Air Products also announced it will adopt Financial Accounting Standards Board (FASB) Statements 106, 109, and 112 in the first quarter of fiscal 1994 when it will recognize the cumulative transition impact of these accounting changes. The adoption of these standards, which is required, will generate an after-tax benefit of approximately $20 million in the quarter.
 Air Products and Chemicals, Inc. is a major international supplier of industrial gases and related equipment, intermediate and specialty chemicals, and environmental and energy systems. The company, which has assets of $4.7 billion, earned net income of $215 million on sales of $2.5 billion during the first three quarters of fiscal 1993. Air Products employs 14,400 people, operates in 29 countries, and has its headquarters near Allentown.
 -0- 9/23/93
 /CONTACT: Kevin J. Ramundo of Air Products and Chemicals, 215-481-4346/
 (APD)


CO: Air Products and Chemicals, Inc. ST: Pennsylvania IN: CHM SU:

MJ -- PH003 -- 5046 09/23/93 08:41 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 23, 1993
Words:276
Previous Article:RCM TECHNOLOGIES, INC. ANNOUNCES EXTENSION AND PRICE REVISION OF CLASS C WARRANTS
Next Article:MAGMA POWER CO. SIGNS AGREEMENT TO BUILD AND OPERATE 231 MW GEOTHERMAL POWER PLANT IN THE PHILIPPINES
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters