Exhibit 99.1
[LOGO AIR PRODUCTS] News Release
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Air Products and Chemicals, Inc.
7201 Hamilton Boulevard
Allentown, PA 18195-1501
AIR PRODUCTS ANNOUNCES EXPECTED FINANCIAL IMPACT OF RECENT
HURRICANES, AND OCTOBER 26th FOURTH QUARTER EARNINGS AND
TELECONFERENCE INFORMATION
LEHIGH VALLEY, Pa. (September 27, 2005) - Today, Air Products (NYSE:APD)
announced it currently anticipates the impact of Hurricanes Katrina and Rita to
its business operations will result in an unfavorable fiscal fourth quarter
impact in the range of $.05 to $.07 per share.
The losses are attributable to property damage and business interruption in both
its gases and chemicals businesses. In accordance with the company's accounting
policies, these impacts only reflect expected insurance recovery for certain
property damage costs and do not reflect any expected insurance recovery for
business interruption.
On August 31, 2005, Air Products declared force majeure regarding liquid
hydrogen from New Orleans and Sarnia--plants which represent approximately 90
percent of the company's liquid hydrogen production in North America. The
company's New Orleans, Louisiana industrial gas complex sustained extensive
damage from Hurricane Katrina. The company's Sarnia, Ontario, Canada production
facility was originally shut down due to a planned suspension of a supplier's
feedgas when the hurricane hit the New Orleans facility. The Sarnia plant has
resumed partial operations, relieving but not mitigating, the shortage. The New
Orleans facility should begin operations within the coming months, with
substantial operations anticipated by the end of the calendar year.
Most recently, the company's production sites in Texas and Louisiana weathered
Hurricane Rita well with only minor damage. Most plants shut down prior to the
storm have been restarted and are on-line, with the remaining plants expected to
resume production as power and other utilities are restored. However, the
general disruption to the area's petrochemical system will have a short-term
impact to Air Products.
The company will release its fiscal fourth quarter earnings and fiscal 2006
guidance on Wednesday, October 26, 2005. The company will review these results
later that day in a teleconference at 11:00 a.m. Eastern Time (ET). The
teleconference will be open to the public and the media in listen-only mode by
telephone and Internet broadcast.
Listen to the live teleconference by dialing (719) 785-9450 and entering
passcode 1216247. Access the live Internet broadcast and slides to accompany the
teleconference at www.airproducts.com/Invest/financialnews/EarningsReleases.htm.
A replay will be available via both the Internet and telephone from 2:00 p.m. ET
on October 26 through midnight November 2. Access the Internet replay at
www.airproducts.com/Invest/financialnews/EarningsReleases.htm or the telephone
replay by calling (888) 203-1112 (domestic) or (719) 457-0820 (international)
and entering passcode 1216247.
Air Products (NYSE:APD) serves customers in technology, energy, healthcare and
industrial markets worldwide with a unique portfolio of products, services and
solutions, providing atmospheric gases, process and specialty gases, performance
materials and chemical intermediates. 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 and
is listed in the Dow Jones Sustainability and FTSE4Good Indices. The company has
annual revenues of $7.4 billion, operations in over 30 countries, and nearly
20,000 employees around the globe. For more information, visit
www.airproducts.com.
***NOTE: The forward-looking statements contained in this release are based on
current expectations regarding important risk factors. Actual results may differ
materially from those expressed. Factors that might cause forward-looking
statements to differ materially from actual results include those specifically
referenced as future events or outcomes that the company anticipates, as well
as, among other things, overall economic and business conditions different than
those currently anticipated and demand for Air Products' goods and services
during that time; competitive factors in the industries in which it competes;
interruption in ordinary sources of supply; the ability to recover unanticipated
increased energy and raw material costs from customers; uninsured litigation
judgments or settlements; changes in government regulations; consequences of
acts of war or terrorism impacting the United States' and other markets; charges
related to currently unplanned portfolio management and cost reduction actions;
the success of implementing cost reduction programs; the timing, impact and
other uncertainties of future acquisitions or divestitures; significant
fluctuations in interest rates and foreign currencies from that currently
anticipated; the impact of tax and other legislation and regulations in
jurisdictions in which Air Products and its affiliates operate; the recovery of
insurance proceeds; the impact of new financial accounting standards, including
the expensing of employee stock options; and the timing and rate at which tax
credits can be utilized. The company disclaims any obligation or undertaking to
disseminate any updates or revisions to any forward-looking statements to
reflect any change in the company's beliefs or expectations or any change in
events, conditions or circumstances upon which any such statements are based.
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Media Inquiries:
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Katie McDonald, tel: (610) 481-3673; e-mail: mcdonace@airproducts.com.
Investor Inquiries:
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Phil Sproger, tel: (610) 481-7461; e-mail: sprogepc@airproducts.com.