Airgas Comments on Air Products' Director Nominees and Proposals
RADNOR, PA - May 13, 2010 - Airgas, Inc. (NYSE: ARG) today commented on the announcement by Air Products & Chemicals, Inc. (NYSE: APD) ("Air Products") that it has submitted a slate of three nominees for election to the Airgas Board of Directors at Airgas' 2010 Annual Meeting of Stockholders. Air Products has also announced that it intends to set forth three stockholder proposals at the Annual Meeting:
o We believe that Air Products' interests are diametrically opposed to those of our stockholders and that Air Products chose its candidates and proposals precisely to help advance its goal of acquiring Airgas at the cheapest possible price.
o Air Products' CEO recently said that his efforts "are geared toward helping move this process along in a manner that ends up with success for us and our [Air Products'] shareholders." We believe that this statement makes it perfectly clear that Air Products is seeking to transfer the value inherent in Airgas to Air Products and its stockholders, to the detriment of the Airgas stockholders.
o Airgas stockholders - not Air Products - deserve to benefit from Airgas' future growth as the economy continues to improve. The Airgas Board of Directors has unanimously rejected Air Products' offer as grossly inadequate following a comprehensive review with its financial and legal advisors.
o Airgas is proud of its extraordinary track record of creating stockholder value. The Company will evaluate Air Products' candidates and proposals in due course.
The Airgas Board is comprised of nine highly qualified directors, eight of whom are independent, and the other of whom, Peter McCausland, holds substantial equity in our company and serves as our Chairman and Chief Executive Officer.
Bank of America Merrill Lynch and Goldman, Sachs & Co. are serving as financial advisors, and Wachtell, Lipton, Rosen & Katz is serving as legal counsel to Airgas and its Board of Directors.
About Airgas, Inc.
Airgas, Inc. (NYSE: ARG), through its subsidiaries, is the largest U.S. distributor of industrial, medical, and specialty gases, and hardgoods, such as welding equipment and supplies. Airgas is also one of the largest U.S. distributors of safety products, the largest U.S. producer of nitrous oxide and dry ice, the largest liquid carbon dioxide producer in the Southeast, and a leading distributor of process chemicals, refrigerants, and ammonia products. More than 14,000 employees work in over 1,100 locations, including branches, retail stores, gas fill plants, specialty gas labs, production facilities and distribution centers. Airgas also distributes its products and services through eBusiness, catalog and telesales channels. Its national scale and strong local presence offer a competitive edge to its diversified customer base. For more information, please visit airgas.com.
