Air Products Makes Strong Case for Shareholder Support at Upcoming Nomination Vote

On January 13, 2025, the Board of Directors of Air Products, a global leader in the industrial gases sector, reached out to its shareholders with a significant letter focusing on the forthcoming 2025 Annual Meeting. Slated for January 23, 2025, the meeting comes at a critical juncture for the company, urging shareholders to exercise their voting rights on key board nominations.

In this context, Air Products is advocating for shareholders to exclusively endorse its slate of nominees, emphasizing the perils associated with backing nominees from Mantle Ridge. The letter starkly contrasts two potential paths for the future of Air Products, framing the decision as one between stable growth and potential upheaval.

The Choice Ahead

In their communication, the Board lays out a clear choice for shareholders:

1. Support Air Products' Nominees: The Board emphasizes that maintaining its current team will ensure stability and foster a long-term strategic vision, particularly in executing its ambitious clean hydrogen initiatives and its robust core industrial gas business.

2. Support Mantle Ridge's Nominees: By contrast, endorsing the slate backed by Mantle Ridge could disrupt the ongoing leadership transition and hinder the company’s strategic direction, potentially leading to stagnation and instability.

A Defense of Leadership

Air Products asserts that the expertise and integrity of its current Board members are crucial for the company's success. The letter highlights the experienced backgrounds of its nominees, Bhavesh V. (