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One billion US dollars! Air Products encounters activist investor!
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One billion US dollars! Air Products encounters activist investor!

2024-11-01

Recently, the Wall Street Journal reported that activist investor Mantle Ridge bought more than $1 billion worth of shAres in industrial gas supplier Air Products.
Mantle Ridge is seeking to meet with Air Products' board to discuss strategic planning and capital allocation, in addition to pushing Air Products to develop a succession plan for 80-year-old CEO Seifi Ghasemi.
It is reported that the above-mentioned aggressive investors have been gradually buying Air Products and Chemicals shares since March this year.
Air Products' stock performance has lagged significantly behind the S&P 500 for two consecutive years. After falling in 2023, Air Products' stock price rose 6.4% in 2024, while the S&P 500 rose 21% during the same period.
However, on Monday (October 7), after the above news was announced, Air Products' stock price soared by more than 9%, closing at US$312.69, with a latest market value of US$69.5 billion.
Air Products has undergone a management shakeup this year, with Chief Operating Officer Samir Serhan abruptly resigning in July. At the same time, Air Products announced a new management committee led by Seifi Ghasemi, one of the oldest CEOs in the S&P 500.

 b

In fact, Seifi Ghasemi, who has served as Air Products' president, CEO and chairman since 2014, is looking for a successor to take over his position as president and serve on the board of directors.

In August this year, Ghasemi said on a conference call with analysts that he intended to continue to lead the company, but at the same time said that "if unexpected circumstances arise, it is prudent and good practice to have a qualified candidate to succeed me." The ideal candidate is a current or former leader of a public company.

Air Products primarily provides chemicals and gases to industrial customers but has expanded into other businesses in recent years.

Air Products said it is currently focused on a two-pillar growth strategy, namely optimizing and developing its core industrial gas business while promoting energy transformation through clean hydrogen.

 c

Ghasemi said the creation of the new management board "further simplifies and optimizes Air Products' global organizational structure" to ensure Air Products maintains its position as "the world's safest and most profitable industrial gases company."