Mantle Ridge Releases Video Series Introducing Shareholder Nominees and Outlining Solutions for Challenges and Underperformance at Air Products and Chemicals, Inc.

Rhea-AI Summary

Mantle Ridge LP, owning approximately $1.3 billion of Air Products and Chemicals (NYSE: APD) shares, has released video interviews introducing their four director nominees for APD's 2025 Annual Meeting of Shareholders. The nominees are Andrew Evans, Paul Hilal, Tracy McKibben, and Dennis Reilley, along with proposed CEO candidate Eduardo Menezes.

The videos feature commentary from Ricardo Malfitano, Former Executive Vice President of Praxair, discussing Menezes and Reilley, and outline the case for change at Air Products. Mantle Ridge is urging shareholders to vote the BLUE Proxy Card 'FOR' their nominees and 'WITHHOLD' on company nominees Charles Cogut, Lisa A. Davis, Seifollah Ghasemi, and Edward L. Monser.

Positive

• Significant shareholder backing with $1.3 billion stake in APD
• Structured plan for leadership change with specific board nominees and CEO candidate

Negative

• Indication of current leadership underperformance requiring activist intervention
• Potential board disruption during proxy contest

Insights

Corporate Governance Expert

This proxy contest by Mantle Ridge represents a significant activist challenge to Air Products' current leadership. With a $1.3 billion stake, Mantle Ridge's campaign to replace four board members and the CEO signals deep concerns about operational performance. The selection of Eduardo Menezes as the proposed CEO candidate, backed by endorsement from a former Praxair executive, suggests a strategic push towards industry-specific operational excellence. The timing and scale of this proxy battle, targeting the removal of current CEO Seifi Ghasemi, indicates substantial shareholder dissatisfaction with APD's recent performance trajectory. Historically, successful proxy contests of this magnitude often lead to significant strategic and operational changes, potentially affecting future capital allocation, operational efficiency and shareholder returns. The involvement of Dennis Reilley, with his extensive industrial gas industry experience, adds credibility to Mantle Ridge's proposed governance overhaul.

Investment Strategist

The proxy contest launched by Mantle Ridge carries substantial implications for APD's valuation and market positioning. The activist campaign, backed by a $1.3 billion investment, represents about 2% of APD's market cap, providing sufficient economic interest to drive meaningful change. The market typically responds positively to well-structured activist campaigns in the industrial sector, especially when targeting operational improvements. The proposed slate of directors brings diverse expertise in energy transition, corporate finance and industrial operations - critical areas for APD's future growth. Historical patterns suggest that successful activist campaigns in the industrial gas sector often lead to enhanced operational efficiency and improved capital allocation strategies. The involvement of industry veterans like Reilley and Menezes could potentially accelerate operational improvements and market share gains in key growth markets.

Introduces Four Independent Shareholder Nominees – Andrew Evans, Paul Hilal, Tracy McKibben, and Dennis Reilley – and Proposed CEO Candidate Eduardo Menezes

Includes Perspectives from Former Praxair EVP Ricardo Malfitano on Messrs. Menezes and Reilley

Explains Nature and Causes of Air Products' Underperformance Under Current Leadership,
and the Solution

Urges Shareholders to Vote the BLUE Proxy Card "FOR" Mantle Ridge's Four Highly Qualified Director Nominees and "WITHHOLD" on the Company Nominees Charles Cogut, Lisa A. Davis, Seifollah "Seifi" Ghasemi and Edward L. Monser

View the Videos and Related Materials at www.RefreshingAirProducts.com  

NEW YORK, Jan. 7, 2025 /PRNewswire/ -- Mantle Ridge LP, which, together with its affiliates (collectively, "Mantle Ridge"), beneficially owns approximately $1.3 billion of the outstanding common shares of Air Products and Chemicals, Inc. (NYSE: APD) ("Air Products" or the "Company"), today released a series of video interviews with its four director candidates seeking election to Air Products' Board of Directors (the "Board") at the Company's 2025 Annual Meeting of Shareholders (the "Annual Meeting"), as well as with its proposed CEO candidate Eduardo Menezes.

The video content includes the case for change at Air Products, as well as commentary from Ricardo Malfitano, Former Executive Vice President of Praxair, concerning Mr. Menezes and Mr. Reilley.

Mantle Ridge encourages all shareholders to review the videos, which are available here and accessible alongside related materials at www.RefreshingAirProducts.com.

To Enhance Air Products' Performance and Create the Long-Term Value that Shareholders Deserve, Mantle Ridge Urges Shareholders to Vote the BLUE Proxy Card "FOR" Mantle Ridge's Four Highly Qualified 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

Additional information regarding Mantle Ridge's highly qualified nominees and other materials related to its proxy campaign, may be found at www.RefreshingAirProducts.com.

About Mantle Ridge

Founded in 2016, Mantle Ridge LP is an engaged, long-term owner-steward that works closely and constructively with company boards to create durable long-term value for all stakeholders. None of Mantle Ridge's affiliated entities is a hedge fund or other investment vehicle with a structurally short-term incentive.  Mantle Ridge engages with the expectation of maintaining an ownership position over the very long-term. Mantle Ridge has raised separate, single-investment, five-year special purpose vehicles to support its previous engagements with companies including CSX Corporation, Aramark, and Dollar Tree. For more information, visit  https://www.mantleridge.com/.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

The information herein contains "forward-looking statements." Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as "may," "will," "expects," "believes," "anticipates," "plans," "estimates," "projects," "potential," "targets," "forecasts," "seeks," "could," "should" or the negative of such terms or other variations on such terms or comparable terminology. Similarly, statements that describe our objectives, plans or goals are forward-looking. Forward-looking statements are subject to various risks and uncertainties and assumptions. There can be no assurance that any idea or assumption herein is, or will be proven, correct. If one or more of the risks or uncertainties materialize, or if any of the underlying assumptions of Mantle Ridge LP and its affiliates (collectively, "Mantle Ridge") or any of the other participants in the proxy solicitation described herein prove to be incorrect, the actual results may vary materially from outcomes indicated by these statements. Accordingly, forward-looking statements should not be regarded as a representation by Mantle Ridge that the future plans, estimates or expectations contemplated will ever be achieved.

Certain statements and information included herein may have been sourced from third parties. Mantle Ridge does not make any representations regarding the accuracy, completeness or timeliness of such third party statements or information.  Except as may be expressly set forth herein, permission to cite such statements or information has neither been sought nor obtained from such third parties, nor has Mantle Ridge paid for any such statements or information. Any such statements or information should not be viewed as an indication of support from such third parties for the views expressed herein.

Mantle Ridge disclaims any obligation to update the information herein or to disclose the results of any revisions that may be made to any projected results or forward-looking statements herein to reflect events or circumstances after the date of such information, projected results or statements or to reflect the occurrence of anticipated or unanticipated events.

CERTAIN INFORMATION CONCERNING THE PARTICIPANTS

Mantle Ridge LP and the other Participants (as defined below) have filed a definitive proxy statement (the "Definitive Proxy Statement") and accompanying BLUE universal proxy card or voting instruction form with the SEC to be used to solicit proxies for, among other matters, the election of its slate of director nominees at the 2025 annual meeting of stockholders of the Company (the "2025 Annual Meeting"). Shortly after filing the Definitive Proxy Statement with the SEC, Mantle Ridge LP furnished the Definitive Proxy Statement and accompanying BLUE universal proxy card or voting instruction form to some or all of the stockholders entitled to vote at the 2025 Annual Meeting.

The participants in the proxy solicitation are Mantle Ridge LP, Eagle Fund A1 Ltd, Eagle Advisor LLC, Paul Hilal (all of the foregoing persons, collectively, the "Mantle Ridge Parties"), Andrew Evans, Tracy McKibben and Dennis Reilley (such individuals, collectively with the Mantle Ridge Parties, the "Participants").

IMPORTANT INFORMATION AND WHERE TO FIND IT

MANTLE RIDGE LP STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ ITS DEFINITIVE PROXY STATEMENT, ANY AMENDMENTS OR SUPPLEMENTS TO SUCH PROXY STATEMENT AND OTHER PROXY MATERIALS FILED BY MANTLE RIDGE LP WITH THE SEC AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEBSITE AT WWW.SEC.GOV. THE DEFINITIVE PROXY STATEMENT AND OTHER RELEVANT DOCUMENTS ARE ALSO AVAILABLE ON THE SEC'S WEBSITE, FREE OF CHARGE, OR BY DIRECTING A REQUEST TO THE PARTICIPANTS' PROXY SOLICITOR, D.F. KING & CO., INC., 48 WALL STREET, 22ND FLOOR, NEW YORK, NEW YORK 10005. STOCKHOLDERS CAN CALL TOLL-FREE: (888) 628-8208.

Information about the Participants and a description of their direct or indirect interests by security holdings or otherwise can be found in the Definitive Proxy Statement.

Investor Contact
D.F. King & Co., Inc.
Edward McCarthy
Tel: (212) 493-6952

Media Contacts
Jonathan Gasthalter / Nathaniel Garnick
Gasthalter & Co.
Tel: (212) 257-4170
Email: RefreshingAPD@gasthalter.com

 

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SOURCE Mantle Ridge LP

FAQ

Who are Mantle Ridge's four director nominees for Air Products (APD) 2025 board election?

Mantle Ridge's nominees for APD's board are Andrew Evans, Paul Hilal, Tracy McKibben, and Dennis Reilley.

How much of Air Products (APD) does Mantle Ridge own in 2025?

Mantle Ridge owns approximately $1.3 billion worth of Air Products' outstanding common shares.

Who is Mantle Ridge's proposed CEO candidate for Air Products (APD)?

Eduardo Menezes is Mantle Ridge's proposed CEO candidate for Air Products.

Which current APD board members is Mantle Ridge opposing in the 2025 proxy contest?

Mantle Ridge is opposing Charles Cogut, Lisa A. Davis, Seifollah 'Seifi' Ghasemi and Edward L. Monser, urging shareholders to withhold votes from these company nominees.