On January 9, 2025, Air Products and Chemicals, Inc announced that it has sent a letter to shareholders stating that addressing claims made by Mantle Ridge, Company defended the qualifications of its director nominees, contrasting them with Mantle Ridge?s nominees, whom they criticized for lacking relevant experience and having questionable track records. Additionally, the Company outlined its CEO succession plan, indicating that an announcement is expected by March 31, 2025, following a comprehensive search and assessment of over 1000 candidates. In addition, the Company also stated that the letter also emphasized its business strategy, focusing on the growth of its core industrial gas business and the expansion into clean hydrogen opportunities, highlighting significant market demand and strategic positioning in this area.
Company claimed industry-leading Adjusted EBITDA margins and consistent long-term growth, disputing Mantle Ridge?s calculations and adjustments regarding financial metrics. Furthermore, the Company addressed and refuted various other claims made by Mantle Ridge, including those related to shareholder engagement and ethical concerns. Company recommended the shareholders to vote for its board nominees Charles Cogut, Lisa A. Davis, Seifollah ?Seifi?
Ghasemi, and Edward L. Monser, at the annual meeting of shareholders scheduled to be held on January 23, 2025.