Air Products Issues Brief Statement After Investor Group Suggests Board Members

— Jeff Ward, Lehigh Valley News Briefs

Air Products had little to say Tuesday after Mantle Ridge, an investor seeking changes at the company, presented candidates for the industrial-gas maker’s board of directors.

Here it is, in full, and from the source:

Air Products’ Board of Directors has received Mantle Ridge’s nomination notice and director nominees. The Board will present its formal recommendation regarding director nominees in the Company’s proxy materials to be filed with the Securities and Exchange Commission in due course. Air Products shareholders are not required to take any action at this time.

Reuters reported that Mantle Ridge nominated nine director candidates.

The Upper Macungie Township-based company has already announced two board members of its choosing for election at its 2025 board meeting.

Mantle Ridge and another investor group have sought changes in how Air Products spends money and in its strategy. Also at stake is a succession plan: Chief Executive Seifi Ghasemi is 80.

Ghasemi’s vision is for Air Products to lead a global transition to clean energy, by using hydrogen in place of fossil fuels in heavy transportation and industry.

The interest from activist investors has been good for the stock (NYSE:APD).

The closing price of Air Products on Tuesday was $328.00, up $54.58 over three months.

— Disclosure: I own shares of Air Products as part of a buy-and-hold strategy.