Air Products Sends Letter to Shareholders Highlighting Reasons to Support Its Board Nominees

Core Viewpoint - Air Products urges shareholders to vote "FOR" only its nominees on the WHITE proxy card, emphasizing that following ISS' recommendation could negatively impact the company and shareholder investments [2][3][16] Group 1: Shareholder Voting Choices - Shareholders have two choices: support Air Products' nominees for stability and long-term value creation or risk limited growth and an uncertain future with Mantle Ridge's nominees [2][3][7] - The Board emphasizes the importance of the upcoming vote on January 23, 2025, for determining the company's future direction [3][16] Group 2: Board Composition and Strategy - Air Products' Board is conducting a careful CEO transition to ensure high-quality leadership, while Mantle Ridge's nominees lack a clear plan and relevant experience [5][11] - The company is focused on a two-pillar growth strategy aimed at maximizing long-term shareholder value and maintaining performance in its core industrial gas business [7][10] Group 3: Clean Hydrogen Strategy - Air Products is committed to executing its clean hydrogen strategy, with significant projects like the NEOM project in Saudi Arabia and the Darrow project in Louisiana expected to progress in the next 6-12 months [9][11] - The Board believes that Mantle Ridge's approach could jeopardize ongoing capital projects and lead to substantial financial losses for shareholders [15] Group 4: Board Nominees' Qualifications - Air Products' nominees bring relevant experience and a fresh perspective, while Mantle Ridge's nominees are criticized for their lack of industry experience and poor track records [10][12][17] - Specific concerns are raised about the qualifications of Mantle Ridge's nominees, including outdated experience and involvement in failed projects [12][13][14] Group 5: Company Overview - Air Products is a leading industrial gases company with fiscal 2024 sales of $12.1 billion and a market capitalization of approximately $65 billion [20] - The company operates in around 50 countries and focuses on providing essential industrial gases and solutions for various industries, including energy and environmental sectors [20]