Core Viewpoint - Mantle Ridge LP is urging shareholders of Air Products and Chemicals, Inc. to vote for its four director nominees to enhance the company's performance and create long-term value for all stakeholders [1][3]. Group 1: Director Nominees - Mantle Ridge has nominated four highly qualified director candidates: Andrew Evans, Paul Hilal, Tracy McKibben, and Dennis Reilley [1][3]. - The company encourages shareholders to vote the BLUE Proxy Card "FOR" these nominees and "WITHHOLD" votes for the current company nominees: Charles Cogut, Lisa A. Davis, Seifollah "Seifi" Ghasemi, and Edward L. Monser [1][3]. Group 2: Shareholder Engagement - Mantle Ridge beneficially owns approximately $1.3 billion of the outstanding common shares of Air Products [1]. - The firm emphasizes its commitment to working constructively with Air Products' continuing directors as part of a reconstituted board [1]. Group 3: Company Background - Mantle Ridge LP, founded in 2016, is characterized as an engaged, long-term owner-steward focused on creating durable long-term value for all stakeholders [5]. - The firm does not operate as a hedge fund or short-term investment vehicle, indicating a long-term investment strategy [5].

Glass Lewis' Recommendation - Glass Lewis recommends shareholders vote "FOR" all four of Mantle Ridge's director nominees (Andrew Evans, Paul Hilal, Tracy McKibben, and Dennis Reilley) and "WITHHOLD" on Air Products' nominees (Charles Cogut, Lisa A Davis, Seifi Ghasemi, and Edward L Monser) [1][2] - The recommendation is based on Air Products' years of poor performance, high-cost low-visibility strategic expeditions, and a functionally vacant succession framework [3][4] Air Products' Underperformance - Air Products has generated subpar value for investors since launching its non-core capital allocation initiative [3] - The company's capital-intensive non-core strategy has led to significant value erosion for investors [3] - Air Products has disclosed multiple delays and scale revisions in its large-scale non-core projects, demonstrating an indeterminate ability to de-risk its projects [10] Mantle Ridge's Case for Change - Mantle Ridge has provided shareholders with a clear, credible, and proportionate alternative backed by suitably experienced, independent candidates [3] - Mantle Ridge's dissection of Air Products' track record is much more decisive than the company's perspective on its strategic pivot [1] - Mantle Ridge's director nominees are well-suited to address the challenges faced by Air Products, including Paul Hilal's strong familiarity with the company and industrial gas sector, Dennis Reilley's substantial industry expertise, Andrew Evans' capital allocation expertise, and Tracy McKibben's renewable energy experience [7] Air Products' Board Governance and Succession Planning - The board has overseen a faulty succession effort, with CEO Seifi Ghasemi slated to remain in an indefinite position of influence [1][3] - The board's succession process, ongoing since January 2023, is slated to take over two years to identify and appoint a single executive, underscoring Air Products' inability to develop internal talent or attract strong external candidates [10] - The board's relationship with Ghasemi has led to a muddled, slipshod succession framework, with Ghasemi potentially retaining substantial influence for an unspecified period [10] Air Products' Capital Allocation and Strategy - Air Products' board has been ineffective at executing against non-core, capital-intensive initiatives, leaving the company in a poor position to articulate an attractive value proposition or clear first-mover advantage [15] - The company's recent reformation on matters of capital allocation seems to reflect an eleventh-hour dash to burnish optics around investor engagement and strategic sobriety [10] - Air Products' board has utilized analytically dubious methodologies to claim credit for attractive trailing one-year and YTD returns [11]

Claim1 Facts Management and Board x    "Mantle Ridge's Four Director Nominees are Highly Qualified"   The Truth: Air Products' nominees have significantly superior and more recent experience in industrial gases and chemicals, namely Alfred Stern, Wayne Smith, Bob Patel and Lisa Davis. √   Paul Hilal possesses zero industrial experience, zero chemicals or energy experience, and zero industrial gases experience. Counting "engagement with APD" as such is incredibly misleading given Mr. Hilal has neve ...

Highlights Strength of Mantle Ridge's Four Director NomineesPuts Performance of Selected Incumbent Directors into Perspective – Including Responsibility for Operational Underperformance, Flawed Capital Allocation and Strategy, Poor Project Execution, Failed Management Development and Succession Planning, Failed Compensation Alignment, and Degradation of Board Composition, Performance, and Governance SafeguardsUrges Shareholders to Vote the BLUE Proxy Card "FOR" Mantle Ridge's Four Highly Qualified Director ...

LEHIGH VALLEY, Pa., Jan. 8, 2025 /PRNewswire/ -- Air Products' (NYSE:APD) Board of Directors today issued the following statement in response to Mantle Ridge's Shareholder letter, issued today:Mantle Ridge is proposing that Air Products be controlled by Mantle Ridge's hand-picked candidates for CEO and Chairman. This should be troubling to all Air Products shareholders for the following reasons: Mantle Ridge Chairman nominee Dennis Reilley has not held a management position in 18 years and would be coming i ...

Explains How Implementing Best-In-Class Linde/Praxair Operating Model Authored by Dennis Reilley Can Re-Establish a Culture of Excellence, Relentless Cost Focus, Disciplined Capital Allocation and Project Execution to Deliver Exceptional Value for Air Products' ShareholdersBelieves "Dream Team" of Dennis Reilley and Eduardo Menezes Would Bring the Specialized Skills, Deep Industry Knowledge, and Sound Judgement Necessary to Lead Air Products TodayMantle's Ridge's Four Highly Qualified Director Nominees – An ...

LEHIGH VALLEY, Pa., Jan. 7, 2025 /PRNewswire/ -- Air Products' (NYSE:APD) Board of Directors today issued the following statement: Air Products is executing on a rigorous CEO succession plan, announced long before Mantle Ridge and D.E. Shaw started advocating for succession, while refreshing its Board with two highly qualified directors at the 2025 Annual Meeting of Shareholders. The Board has clearly articulated a CEO succession plan to ensure a smooth transition between Mr. Ghasemi and his successor and h ...

Mantle Ridge's Proxy Campaign - Mantle Ridge LP, which owns approximately $1.3 billion of Air Products' common shares, has released video interviews with its four director candidates and proposed CEO candidate Eduardo Menezes [2] - The videos present the case for change at Air Products and include commentary from Ricardo Malfitano, Former Executive Vice President of Praxair, regarding Mr Menezes and Mr Reilley [3] - Mantle Ridge urges shareholders to vote the BLUE proxy card "FOR" its four director nominees - Andrew Evans, Paul Hilal, Tracy McKibben, and Dennis Reilley - and "WITHHOLD" on the company nominees Charles Cogut, Lisa A Davis, Seifollah "Seifi" Ghasemi and Edward L Monser [4] Mantle Ridge's Background - Mantle Ridge LP is an engaged, long-term owner-steward that works closely with company boards to create durable long-term value for all stakeholders [5] - The firm has raised separate, single-investment, five-year special purpose vehicles to support its previous engagements with companies including CSX Corporation, Aramark, and Dollar Tree [5] Proxy Solicitation Details - Mantle Ridge LP and other participants have filed a definitive proxy statement and accompanying BLUE universal proxy card with the SEC for the election of its slate of director nominees at Air Products' 2025 Annual Meeting [9] - The participants in the proxy solicitation are Mantle Ridge LP, Eagle Fund A1 Ltd, Eagle Advisor LLC, Paul Hilal, Andrew Evans, Tracy McKibben and Dennis Reilley [10]

Details Some of the Company's Omissions, Obfuscations, and Misleading Statements Concerning Air Products' Performance, Strategy, and Key ProjectsShareholder-Led Board Refreshment is the Necessary First Step Toward Recovering from Damage Done Over Mr. Seifi Ghasemi's Last Five Years as Chairman and CEOAir Products is Not the First Company Led by Mr. Ghasemi to Have Integrity Issues Electing Mantle's Ridge's Four Highly Qualified Director Nominees – Andrew Evans, Paul Hilal, Tracy McKibben, and Dennis Reilley ...

Air Products and Chemicals, Inc. (APD) benefits from its project investments, productivity actions and new business deals amid the softness in China and Europe.The company’s shares have gained 4.8% over a year compared with the Zacks Chemicals Diversified industry’s 11.2% decline. Image Source: Zacks Investment ResearchLet’s find out why APD stock is worth retaining at the moment.High-return Projects & Productivity Actions Aid Air ProductsAir Products is well-placed to gain from its investments in high-retu ...