Air Products Comments on Airgas' Attempt to Invalidate Airgas Shareholder Vote on By-Law Amendments
LEHIGH VALLEY, Pa., Sept. 15 - Air Products (NYSE: APD) today issued the following statement in response to litigation filed today by Airgas, Inc. (NYSE:ARG) with the Delaware Chancery Court regarding the outcome of today's Airgas Annual Meeting. Airgas is attempting to invalidate a vote of its own shareholders who today approved a set of by-law proposals, including a new by-law requiring Airgas to hold its next annual meeting in January 2011.
"Airgas' lawsuit is completely without merit. Today the Airgas shareholders determined the date of the next Airgas annual meeting. The Airgas Board should respect the will of its shareholders, drop this baseless litigation and begin negotiations with us immediately. Airgas shareholders had a chance to speak today and provided a clear mandate to negotiate a transaction; their will should be respected."
Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2009, Air Products had revenues of $8.3 billion, operations in over 40 countries, and 18,900 employees around the globe. For more information, visit: www.airproducts.com.
Source: Air Products
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