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AIR PRODUCTS TO REPURCHASE SHARES

 ALLENTOWN, Pa., Oct. 21 /PRNewswire/ -- Air Products and Chemicals, Inc. (NYSE: APD) today announced its intention to begin purchasing up to approximately 4.5 million shares of its common stock, subject to market conditions.
 As of Sept. 30, 1993, Air Products had approximately 114 million shares outstanding.
 Gerald A. White, Air Products' senior vice president-finance and chief financial officer, commented, "The repurchase program represents a good use of the company's strong cash flow and debt capacity at a time when the stock represents an attractive investment. It also underscores our confidence in our business portfolio and our strong financial condition, particularly our capacity to continue our investment programs while managing the equity component of our balance sheet."
 The company also announced that it is establishing a trust to fund future payments to employees under the company's existing compensation and benefit programs. The trust, which will be administered by an independent trustee, will be initially funded by a transfer of up to 10 million shares of treasury stock. It will not increase or alter the amount of benefits or compensation which will be paid under existing plans, but it is expected to enhance the company's financial flexibility.
 Air Products is a leading international supplier of industrial gases and related equipment, intermediate and specialty chemicals, and environmental and


energy systems. The company has annual sales more than $3 billion, operations in 29 countries and 14,400 employees. Corporate headquarters are near Allentown.
 /delval/
 -0- 10/21/93
 /CONTACT: Kevin J. Ramundo of Air Products and Chemicals, 215-481-4346/
 (APD)


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

MP -- PH010 -- 5092 10/21/93 10:44 EDT
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Publication:PR Newswire
Date:Oct 21, 1993
Words:276
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